NORTHBROOK, Ill., July 29,
2024 /PRNewswire/ -- Hilco Real Estate Sales
announces August 14, 2024, as the bid
deadline for the sale of this former hotel turned housing facility
in Chicago's North Shore.
Built in 1971, this 71,580± SF, five-story building was
originally constructed as a Ramada Inn. Over the years, the
property has undergone extensive renovations to transform it into a
modern living community. The current facility consists of 105
units: 95 studio apartments averaging 316± SF and 10 one-bedroom
units ranging from 632± to 720± SF. Also included is the recently
constructed 20,000± SF commercial space ideal for a variety of uses
including grocery operations, dining or banquet hall for hosting
events and conferences.
The property, located at 700 Sheridan Road, Highwood, IL, is outfitted with amenities
designed to enhance the quality of life for its residents or
guests, inclusive of an updated lobby/reception area, library, mail
room, beauty/barber shop, multi-purpose room, living room, sundry
store, indoor pool and sauna, wellness/therapy facilities and
marketing and management offices – all of which make for an easy
transition for a new investor or owner to start hosting
tenants.
Highwood is nestled in
Chicago's affluent North Shore and
surrounded by notable suburbs like Highland Park, Glencoe, Winnetka, Evanston, Wilmette and Lake
Forest. Particularly, Wilmette and Lake
Forest rank among the top 50 of America's Wealthiest
suburbs. These communities feature top-rated schools, beautiful
lakefront views, popular golf courses and scenic forest preserves.
The presence of such affluent neighborhoods enhances the appeal of
the area for potential residents, promising a high-quality living
environment.
Just 27 miles from the Chicago Loop and 20 miles from O'Hare
Airport, the site benefits from key transportation links like
Interstate 94, IL Route 22, IL Route 131 and U.S. Route 41, as well
as Metra's Chicago & North
Western/North Line commuter trains and Pace bus service. This prime
location, surrounded by vibrant communities and excellent
transportation options, makes the property ideal for establishing a
thriving business.
Chet Evans, vice president at
Hilco Real Estate, stated, "With its vast array of amenities and
ideal location next to North Shore's finest boutique shops, fine
dining, country clubs and nature preserves, 700 on Sheridan
presents an opportunity for residents and guests alike to thrive
and enjoy a high standard of living in this all-inclusive
site."
Bids must be received on or before the bid deadline of
August 14 at 5:00 p.m. (CT) and must be submitted on the
Purchase and Sale Agreement available for review and download from
Hilco Real Estate Sale's website.
Interested bidders should review the requirements in order to
participate in the sale process available on Hilco Real Estate
Sale's website. For further information, please contact
Chet Evans at (847) 418-2702 or
cevans@hilcoglobal.com.
For further information on the property, sale process, and terms
or to obtain access to due diligence documents, please visit
HilcoRealEstateSales.com or call (855) 755-2300.
About Hilco Real Estate Sales
Successfully positioning the real estate holdings within a
company's portfolio is a material component of establishing and
maintaining a strong financial foundation for long-term success. At
Hilco Real Estate Sales (HRE), a Hilco Global company
(HilcoGlobal.com), we advise and execute strategies to assist
clients seeking to optimize their real estate assets, improve cash
flow, maximize asset value and minimize liabilities and portfolio
risk. We help clients traverse complex transactions and
transitions, coordinating with internal and external networks and
constituents to navigate ever-challenging market environments.
The trusted, full-service HRE team has secured billions in value
for hundreds of clients over 20+ years. We are deeply experienced
in complex transactions including artful lease renegotiation,
multi-faceted sales structures, strategic asset management and
capital optimization. We understand the legal, financial, and real
estate components of the process, all of which are vital to a
successful outcome. HRE can help identify the most viable options
and direction for a company and its real estate portfolio,
delivering impressive results in every situation.
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SOURCE Hilco Real Estate