The parcel includes the D-Lux Budget Motel at 12340 S. Cicero Ave. and a closed restaurant on the same property, in addition to a single-story office and industrial building at 12400 S. Cicero Ave. The buildings were constructed between 1960 and 1979 and the property was previously farmland, Diliberto says. The owner acquired the motel and restaurant site about a year ago and closed last month on 12400 S. Cicero, Diliberto says. The owner of the properties is reportedly M & B Motel Management LLC, which acquired 12400 S. Cicero Ave. for reportedly more than $1.5 million. There are some tenants in the office and warehouse building that are on a month-to-month lease, Diliberto says.

The auction will occur on Jan. 31. "This is a parcel that is difficult to value," Diliberto says. "There is a lot of development going on along Cicero Avenue." Quarry Plaza, a 237,000-sf retail center anchored by Home Depot and LA Fitness, is being developed by Oak Brook, IL-based Interstate Commercial Real Estate, and Chicago-based Harlem Irving Co., is nearing completion near 119th Street and Cicero Ave., as previously reported by GlobeSt.com. The property's owner decided to auction the properties because he needs to sell them quickly for a tax-trade exchange, he says. Diliberto would not give an estimate of how much the property could be auctioned for and said that there is not a minimum bid requirement at this time. Some parcels along Cicero Avenue have sold for between $800,000 and $900,000 while others have sold for between $1 million and $1.5 million, he tells GlobeSt.com.

The 12-acre parcel is expected to be the site of the first phase of a retail lifestyle center. "This is the minimum amount of land to finish phase one," he says. The first phase could have up to 144,000-sf. Inland is already in discussions with possible users for the site, Diliberto says. Retailers would likely include clothing retailers, restaurants and boutique retail such as a spa or boutique shoe store, he tells GlobeSt.com. Other parcels, up to an additional 12 acres, could be available for sale but addresses were not disclosed as they are "operating businesses," he says. Likely parcels include a strip mall located to the north of the property at 12300 S. Cicero Ave. and McAllister Equipment Co. at 12500 S. Cicero Ave.