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Sold! Two Notable Chicago Real Estate Auctions This Week

  • June 29, 2011

by Jacqueline Zenn

During the past week, two notable pieces of Chicago real estate went on the auction block.

motor club auction
The Motor Club

The first was the Motor Club building, a 15-story Art Deco high-rise in the Loop that we’ve covered previously. The second was an undeveloped parcel of land near the Roosevelt Collection in the South Loop retail district.

Described as “a sliver of high style and faded elegance” by the Tribune’s Blair Kamin, bidding started at $2 million for the Motor Club building, and sold for $9.7 million to Aries Capital, a locally-based commercial mortgage banking firm. Aries Capital’s chairman and chief executive officer Neil Freeman told the paper that his goal would be “to preserve the building, not to knock it down.” The Motor Club is surrounded by a mix of office towers, retail spaces (including the iconic State Street Marshall Fields store that is now a Macy’s), and rental and condo buildings.

The 5-acre South Loop plot mentioned above was purchased at auction for significantly more than its $8.4 million starting price, according to Jos. Cacciatore & Co. Real Estate, the firm that ran the auction. The buyer has not been identified, but a representative says they intend to “quickly partner with a builder to develop the property.” The site is located along the Chicago River amidst much of the relatively new residential and retail buildings in the South Loop, and it could potentially be home to a casino, according to the Sun-Times article linked above.

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