CHICAGO--(BUSINESS WIRE)--As the commercial real estate market continues to show signs of opportunity, the auction is once again gaining popularity for the sale of companies and real estate.
Another example is found as William A. McEnery, son of William J. McEnery, one of Chicago’s most well-known entrepreneurs, and former Gas City owner; announced he will auction off the successful Creamery Restaurant portfolio.
Never on the market, the seven operating locations will be sold at auction on Tuesday, April 7th at 12 PM. The gavel will fall at the DoubleTree Hotel, located in Alsip, IL 5000 W. 127th Street. Registration for bidders begins at 11 AM.
According to Frank Diliberto of Chicago-based Diliberto Real Estate Services, the firm hired to conduct the sale, “The investment opportunity includes all business assets and operations, with a solid return as it stands. However, due to the extraordinary locations and land flexibility, the stores are suitable for franchises or private operators to easily expand, by brand integration.”
The first location was opened in 1981 in Historic downtown Frankfort. However, most restaurants are under 10 years old. Each location offers a plethora of menu options and the portfolio has grown to 7 stores over the years. Locations include Orland Hills, Homer Glen, Frankfort, Manteno, Mokena, Manhattan and New Lenox. Stores offer drive thru’s, inside and outside seating and cater mostly to families, which drives volume.
“Expansion was next on the agenda,” according to William A. McEnery. “But there is a fork in the road for me, and it’s time to let someone else pick up where I left off,” he added. “I am pursuing my personal goals beginning June 1st.” William acquired the chain out of the McEnery enterprise bankruptcy several years ago.
In a trend of “online auctions,” most real estate investors insist that a live auction event creates the most comfort for them. According to the terms of this sale, that’s exactly how the auction will be handled; in a traditional live open bidding format, with opening bids at a fraction of retail value, potentially saving hundreds of thousands for successful bidders.
Terms provide for property inspections and attendees must bring a cashier’s check for $25,000 to attend the auction, for each property the bidder intends to buy. Buyers need to prequalify prior to auction. According to Diliberto, “Bid packages provide due diligence, making the review of documents much faster than the conventional due diligence process, where buyers sometimes have to chase down information over months.”
Interested bidders are encouraged to obtain a full bidder’s package, including the terms of sale, financials and contracts; by calling 855-460-(BIDS) 2437. Bidder’s seminars begin in March.
Diliberto Real Estate Services, LLC is a global leader in Real Estate Advisory and Auction Services, with transactions across America and selected global markets. Based in Chicago and Palos Heights, IL, services range from real estate and finance advisory work, to loan and real estate auctions. Solutions also include new capital formation to expand or reduce debt.