Auctioneer: River Street Lofts sells for $100K
By Stephanie Lulay firstname.lastname@example.org October 25, 2013 7:56PM
Updated: December 1, 2013 6:48AM
AURORA — A Chicago-based auction house reports that the former River Street Lofts property in downtown Aurora sold at auction this past week.
According to the Rick Levin Auctions website, an anonymous bidder, tagged as bidder #36069, bid $100,000 on the 41,760-square-foot property at 251-261 S. River St.
The supposed winning bidder was the only one to bid on the downtown site, according to the auction listing at ricklevin.com.
The property was bank-owned, according to Kane County property records. On-site inspections of the property were held Oct. 8 and Oct. 16.
Aurora Housing Authority Executive Director Keith Gregory said AHA officials toured the building ahead of the auction but decided not to bid on the property. The AHA board was against the move, Gregory said this past week.
According to property records, Citizens First National Bank owned the property in 2011. Bloomington-based Heartland Real Estate Holdings owned the property in 2012. Prior to 2011, the property was owned by River Street Lofts LLC, a limited liability corporation managed by the VanStrand Group.
The River Street Lofts project, part of developer Joe Vantreese’s River Street Plaza project, was proposed to the city in 2006. Vantreese bought the building in 2005 for $550,000, according to property records. The site was formerly home to the old Shorr Paper Products plant, a building that was constructed in 1912.
The Lofts were proposed to house 20 condominiums, the VanStrand Group’s attorney, Vincent Tessitore, told The Beacon-News in 2006. Vantreese died in 2011.
Representatives at Rick Levin Auctions were not available for comment Friday.