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Plans Remain On Track For Auction Of Three Chicagoland Retail/Grocery Centers

April 25, 2016

Plans remain on track and are proceeding as scheduled for the auction of three Northwest suburban retail centers along with three operating grocery stores on May 12 according to Ed Wabick, Principal of Paine/Wetzel and Ken Nofziger of Murray Wise Associates.  Wabick and Nofziger are working with Robert Marcus, Esq., court appointed trustee for the sale of these assets relating to Joe Caputo & Sons, Inc.


 "For some reason, we have picked up on unfounded rumors that the real estate has been sold and the stores are shutting down in advance of the auction. There's no basis for such speculation, and there has been no change in plans. All three stores are staffed, stocked, and operating normally throughout the auction process and are positioned for a new buyer to walk in and to continue operations without any disruptions after the sale" said Nofziger.

The three properties total 268,800 square feet of retail space on 30.25 acres in Des Plaines, Palatine and Algonquin, Illinois. The grocery stores’ fixtures, inventory and related operating assets will also be sold at the auction. Interested parties will be able to bid on the real estate and individual grocery stores individually or in any combination.  According to Wabick, “In the days since we announced the auction, we have seen a significant level of interest from grocery chains and real estate investors alike.  Our goal remains to maximize the value of these assets with no disruption to the ongoing store operations. Going forward with the public auction is the best way to accomplish this on behalf of the creditors, stores’ employees and customers.”

The auction will begin at 10:00 am at the Hyatt Regency Rosemont on Thursday, May 12 An information day to discuss the properties and the auction process will be held at Gino’s East, 8725 W. Higgins Road, Chicago, on Tuesday, April 26 from noon until 2 pm. Details are available at www.murraywiseassociates.com or by calling (773) 714-9300.

 

About Paine-Wetzel TCN Worldwide
Paine/Wetzel TCN Worldwide (PW) is a corporate real estate firm headquartered in Chicago. Since 1975, PW brokers have specialized in the leasing and disposition of office and industrial properties. The firm offers specialists in investment, transactions, consulting and project management who possess an unrivaled depth of local market knowledge, supported by the latest in technology. For more information, please visit www.painewetzel.com.  

About Murray Wise Associates LLC
Murray Wise Associates LLC, headquartered in Champaign, Illinois, is a leading national real estate auction, marketing, and financial advisory firm, with additional offices in Naples, Florida and Clarion, Iowa.  For more information, please visit www.murraywiseassociates.com.