Millennium Properties Sells 24 Properties at Summer REO Auction

Millennium Properties R/E, serving as the exclusive sales advisor to the lender, recently completed the sale of 24 properties at its Summer REO Auction. All of the properties closed significantly above their minimum bid prices.

Properties sold at the auction included an office condo in Oak Brook, a commercial building in downtown Skokie, two leased residential condos in the Logan Square neighborhood, single family homes on the south side, as well as several residential land sites in Harvard, Lynwood and Channahon. An addition, a 3.98 acre development site at a highly visible corner in the Quad Cities is under contract.

“We are pleased to assist our institutional client in the sale of these 25 properties at our summer auction,” said Daniel Hyman, president at Millennium Properties. “With such a diverse portfolio of properties to sell, it was important for us to attract a wide variety of investors, with differing investment horizons, from developers to individual users and investors.”

“Many institutional owners are taking advantage of the steady improvement in the investment market, selling their remaining distressed assets through auctions as well as conventional sales, to clear their books and to free up capital,” added Greg Block, executive vice president at Millennium Properties.