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 [email protected].
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.
SOURCE Hilco Real Estate
Originally published at https://www.prnewswire.com/news-releases/hilco-real-estate-sales-announces-housing--commercial-investment-opportunity-for-sale-in-chicagos-north-shore-302208928.html
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