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For Immediate Release - Monday, March 22, 2010

Christine Heep
Inland Real Estate Auctions, Inc.
(630) 368-2284
heep@inlandgroup.com

Prairie Pointe Condominium Auction a Resounding Success

Oak Brook, Ill. -- On Sunday, March 14th, bidders from across Chicago and the suburbs arrived at the Chicago Hilton hotel and registered to vie for one of the remaining 13 units in Prairie Pointe at Central Station, one of the south Loop’s most successful developments. Prior to the auction, the development was more than 90 percent sold-out by The Gammonley Group, the projects Developer

"In less than 90 minutes, 70 percent of the units were sold and contracts were signed," said Paul Rogers, senior vice president and managing broker. "Bidding took off, starting from $267,500 for a 1 or 2 bedroom unit placed in the first pool of condominiums offered," said Rogers, finally closing out at more than 20 percent over the minimums the developer was willing to accept.

Inland is marketing the four remaining units with very attractive post-auction pricing and is confident, with the activity since the auction, the final few sales will be consummated in the very near term.

Parties interested in the final four units can contact Ira Becker of Inland Real Estate Auctions, Inc. at (630) 368-2263 for more information.

About Inland Real Estate Auctions, Inc.
One of the nation’s top auctions firms, conducting transactions from coast to coast, Inland Real Estate Auctions, Inc. (http://www.inlandreauctions.com) is a leading provider of accelerated marketing and auction services. As part of The Inland Real Estate Group of Companies, Inc., a national real estate company, Inland Real Estate Auctions, Inc. brings unique depth, experience and resources to the real estate auction industry.

 
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Real Estate Auctions Property Types

Retail

Owners of all types of retail real estate nationwide benefit from Inland’s multi-faceted presence in the retail sector. Clients of Inland Real Estate Auctions, Inc. are assured that every program is handled by a team of professionals who understand the unique nature of the retail property transaction. Properties spanning the entire spectrum from regional malls and shopping centers to gas stations and laundromats can be sold in as little as six weeks.

Resorts

An auction presents your property to potential buyers often overlooked by conventional real estate sales methods. Inland’s intensive marketing approach and our extensive data base of investors and other potential buyers ensures a broad reach to the largest number of potential buyers. This creates competition among buyers, allowing the seller to set the terms and conditions of the sale. Whether you are considering a sale of your property or current sales efforts are not achieving the desired results, we invite you to contact us to discuss our accelerated marketing and auction programs.

Office

Inland’s proven, multifaceted marketing program stimulates and accelerates the sale of office property. The short and intensive advertising campaign identifies pre-qualified users and investors meeting the seller’s specific terms of sale in a period of 6 to 8 weeks.

Industrial

Industrial properties are often challenging to value and are therefore ideal for auction. The market determines the value of the property, and in an auction, there is no price ceiling. The short time horizon and intensive marketing for the auction draws immediate attention to the property and accelerates the sale, thus reducing the carrying costs of taxes, interest, maintenance, security and lost opportunity.

Development Land

Highest and best use of real estate can be established by the market place, an important determinant of value for development land. Auction marketing eliminates long holding times, allowing sellers to free up capital in order to move on to other projects. Inland’s experienced brokers can assist holders of development land achieve their project goals.

Hospitality

Inland Real Estate Auctions, the nation’s premier accelerated marketing company, represents leading hospitality facility owners in the timely disposition of restaurants, hotels, and other destination entertainment properties. Inland's presence in the national hospitality sector gives an intimate understanding of the complexities involved in the marketing, sale, financing and transition of hospitality assets allowing our clients to rely on expert execution and immediate results.

Special Use

Special Use or Purpose Built properties are not easily valued as there often are no comparables. These properties require relevant knowledge and skills to market them effectively. Golf Courses, Marinas, Ski Resort, Churches and Funeral Homes are among the types of special use properties Inland’s expert team has sold. Please contact us if you have a Special Use property for an analysis and proposal.

Single Family

Developers and private home owners can maximize the price of their properties using our auction program. That unique home can be sold within six to eight weeks and closed in eight to twelve weeks. Ask Inland to show you how to make the auction method of accelerated marketing work for you.

Multi-Family

Inland’s accelerated marketing and auction services provide clients with a competitive edge, focusing the market on your properties. An auction eliminates the long holding times and back and forth negotiations associated with conventional real estate sales methods. Inventories can be sold in only six to eight weeks.

Government

Inland Real Estate Auctions, Inc. has successfully sold excess properties for local municipalities as well as Federal and State Governments. Let us sell your excess properties in a timely way, returning them to the tax rolls and recapturing your capital investment. Sale by auction has the added advantage of allowing the seller to control future land use as part of the established terms of sale.

Condominiums

Whether it is new construction or a conversion, our accelerated marketing formula works to meet your goals. Should a new project need a jump-start, or a mature project requiring a close-out strategy, Inland’s auction team will answer your needs. Contact us for further details about our proven experience.


Matt Tramel
Director, Media Relations
(630) 586-4896
tramel@inlandgroup.com