{ }
skip to main content

Photo Gallery

Details

UCC Foreclosure Auction

229,000+ Sq Ft Industrial Complex on 8.3 Acres

Details:

  • Indirect Interest in 5301-5323 S. Western Avenue, Chicago, IL 60609
  • The improvements total 229,707 Sq Ft of rentable area
  • The subject site is 8.3 acres
  • Major municipal tenant
  • Diligence materials are available upon request and execution of standard confidentiality and non-disclosure agreement.
  • PLEASE TAKE NOTICE, that in accordance with applicable provisions of the Uniform Commercial Code as enacted in New York, by virtue of certain Event(s) of Default under that certain Pledge and Security Agreement, dated as of December 22, 2021 (the “Pledge Agreement”), executed and delivered by MICH CHI WESTERN MEMBER LLC (the “Pledgor”), and in accordance with it rights as holder of the security, 5301-5323 WESTERN AVE CHICAGO LLC (the “Secured Party”), by virtue of possession of that certain Share Certificate held in accordance with Article 8 of the Uniform Commercial Code of the State of New York (the “Code”) and by virtue of those certain UCC-1 Filing Statement made in favor of Secured Party, all in accordance with Article 9 of the Code, Secured Party will offer for sale, at public auction, (i) all of Pledgor’s right, title, and interest in and to the following: MICH CHI WESTERN LLC (the “Pledged Entity”), and (ii) certain related rights and property relating thereto (collectively, (i) and (ii) are the “Collateral”). Secured Party’s understanding is that the principal asset of the Pledged Entity is that certain fee interest in real property commonly known as (i) 5301 South Western Ave, Chicago Illinois 60609, (ii) 5323 South Western Ave, Chicago Illinois 60609, (iii) 5245 West Whipple Drive Chicago Illinois 60609, (iv) 5241 West Whipple Drive Chicago Illinois 60609, (v) 5247 West Whipple Drive Chicago Illinois 60609, (vi) 5225 South Western Blvd, Chicago Illinois 60609, and (vii) 5306 South Leavitt Street Chicago Illinois 60609 (collectively, the “Property”).
  • Maltz Auctions (“Maltz”), under the direction of Richard B. Maltz or David A. Constantino (individually, the “Auctioneer”), will conduct a public sale consisting of the Collateral (as set forth in Schedule A below), via online bidding, on August 27, 2024 at 3:00 PM, in satisfaction of an indebtedness in the approximate amount of $10,561.466.67, including principal, interest on principal, and reasonable fees and costs, plus default interest through August 27, 2024, subject to open charges and all additional costs, fees and disbursements permitted by law.  The Secured Party reserves the right to credit bid.
  • Please Note: Unlike Many UCC Foreclosure Sales, This is a Senior Loan!!!

Bidder Qualification Deadline: Monday, August 26, 2024 by 4:00 PM.  Executed Terms & Conditions of Sale along with a deposit in the amount of ten (10%) of Bidders’ intended bid amount via wire transfer are required for consideration by any interested party.

Auction Date & Time: Tuesday, August 27, 2024 at 3:00 PM EST.

Auction Location: Virtual Auction.

Terms & Conditions of Sale: See attached terms of sale for details.

Icon of paper documents.

Documents

You must be logged in to view Documents.

Have Questions? Get In Touch

You must be logged in to send an Auction Inquiry.

Maltz Logo

*Maltz Auctions, Inc. Exclusively Acting in Capacity as Marketing Agent for Secured Party

These assets are being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either expressed or implied, concerning the asset is made by the Seller, Auction Company or any of their Agents. Maltz is acting exclusively as marketing agent for the Sellers.  The information contained herein was derived from sources deemed reliable, but is not guaranteed.  Most of the information provided has been obtained from third-party sources and has not been independently verified.  It is the responsibility of the Buyer and/or Buyer’s Broker to determine the accuracy of all components of the sale and asset.  Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the Property, including without limitation, environmental and physical condition of the asset.  All prospective bidders are urged to conduct their own due diligence prior to participating in the Public Auction.

Bid rigging is illegal and suspected violations will be reported to the Department of Justice for investigation and prosecution