Diocese of Joliet Wins Bid at Real Estate Auction

A Divine Deal

CHICAGO--()--It was announced today that St. Liborius, Steger and St. Mary, Park Forest parishes both belonging to the Diocese of Joliet joined together to become the winning bidders for a 41- acre parcel of land just off Kings Road in Crete, IL, in the September auction event.

“The auction process lets us reach all serious buyers and create a structure for immediate sale and this takes away a lot of the typical time and aggravation of selling property in a conventional way”

After 6 weeks on the auction market, Jarper Properties principal, Anthony Perino reviewed all bids and elected the Church as the winning bidder. According to Perino, the bid worked well and will add a valuable component to the neighborhood.”

Originally offered in whole and in part, the Diocese bid presented a plan to acquire at auction a unique part of the 93 acres; the northern 41+ acres; leaving approximately 52+ acres to be sold in the second phase auction scheduled for the end of November. It’s estimated that the Parishes will develop the land with a church and parish center, creating the impetus for other uses such as child daycare, retail, food stores, etc.

Fr. Stephen Eickhoff, the pastor of St. Liborius and St. Mary parishes, notes that “the purchase of this land will provide in the future a joint home for both parishes and allow for valuable expansion room for Mother Teresa Catholic Academy, the school that both is supported by both parishes and is located immediately adjacent to the property.”

According to Dino Diliberto, an advisor with Diliberto Real Estate, who conducted the sale, “it’s nice to be involved in something that is bigger than just real estate. This will make a difference.”

The property was offered in three parcels. But bidders could present bids on acreage of their choice. In this case, the best bidder, the Diocese of Joliet, set out to acquire the top half of the 93 acre parcel, and was successful. The Seller approved of this configuration and modified the offering, moving forward with a second phase auction sale for the rest of the land.

Perino has been selling multiple assets at auction to control the sales process. “The auction process lets us reach all serious buyers and create a structure for immediate sale and this takes away a lot of the typical time and aggravation of selling property in a conventional way,” Perino said.

Opening bids will favor early bidders in the November auction. Bidders receive bid packages, including terms of sale and purchase agreements. Closings provide for 45 days. Cost of admission to bid? A cashier’s check for $25,000 for the whole parcel, and $15,000 for any one of the two parcels. Only the winning bidder’s deposits are held. Interested bidders are encouraged to call 708-361-(BIDS) 2437.

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.

Contacts

DRESCAP Media
Asad Kausar, (855) 460-2437