"We were seeking to control time in the sales process as opposed to dictate the value." says Wallace Jacobs, Intel's real estate manager. "The auction produced results in a matter of weeks as compared to months or years."
The buyer, Lightstone Real Estate Partners, LLC, plans to reconfigure the six connected buildings that comprise the complex and re-position the property for manufacturing/distribution use by mid-size or larger companies. The new configuration may provide for a further separation of the property providing private entrances, parking and other individualizing elements, according to Lightstone.
The auction was handled by Oak Brook, Illinois based Inland Real Estate Auctions Inc., part of The Inland Real Estate Group of Companies.
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