Chicago Commercial Foreclosures – 1/26-2/2, 2024

Take a look at this week’s top Chicago commercial foreclosures. These commercial properties have recently filed for bankruptcy and have entered foreclosure status in Chicago. Discover some of Chicago’s newest investment opportunities in the commercial property market.

Commercial Foreclosure: 1407 S Michigan Ave, Chicago, IL 60605 – $76,250,000

 

 

 

 

 

 

 

Commercial Foreclosure: 900 N Franklin St, Chicago, Il 60610 – $14,600,000

 

 

 

Commercial Foreclosure: 242 N Des Plaines St, Chicago, Il 60661 – $13,500,00

 

 

 

 

 

Commercial Foreclosure: 211 N Stetson Ave, Chicago, Il 60601 – $21,500,000

 

 

 

 

Pearson Realty Group‘s sister company, PRG Management, has a strong team of passionate commercial property managers who can assist with any foreclosure-related property. Whether you are looking for reliable Chicago receivership services or a dedicated property manager, PRG Management is here to help.

Commercial Chicago property management companies like PRG Management provide a comprehensive list of commercial & receivership management services for financial institutions and international lenders across the greater Chicagoland area. 

What is a Receivership in real estate?

A receivership in real estate refers to a legal process where a court appoints a receiver to manage and oversee the property of a defaulted borrower. This typically occurs in commercial property scenarios where the property is underperforming or facing foreclosure. The receiver’s role is to ensure the property is maintained and managed efficiently, and the revenue is used to repay creditors, thereby safeguarding the investment value. This process is crucial in commercial property management, as it aims to stabilize distressed assets and optimize their financial performance, providing a structured path toward resolving financial disputes and enhancing property value.

What is an REO or bank-owned property?

An REO (Real Estate Owned) or bank-owned property is a term used to describe a property that has been repossessed by a lender, typically a bank, after an unsuccessful foreclosure auction. When properties in foreclosure do not sell at auction, they become the lender’s property. These bank-owned properties are then managed and sold by the lender, often at a reduced price, to recover the unpaid loan balance. REO properties can offer potential investment opportunities, especially for those involved in commercial property management or looking to expand their real estate portfolio, as they often come at lower than market value prices due to the bank’s desire to offload the asset quickly.