D'Andrea Banquets - Possible Redevelopment

D'Andrea Banquets - Possible Redevelopment

60,000 Cars per Day at 31 and NW Highway: 28,200 CPD on NW Highway & 31,800 CPD on Rt. 31

Average Household income above $125,000
Almost Four Acres at Intersection of Route 31 and Route 14 in Crystal Lake, Illinois
Over 500 Feet of Frontage on Route 14
Three Possible Options for Purchase - Because of More Than One Option, Property is Being Offered Unpriced
Two Levels of Event Space

4419 US-14, Crystal Lake, IL 60014

Request Offering Memorandum

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Market Summary

Price                          Request for Offer

Lot Size                                 3.64 Acres

Description

Pricing expectations and contract price at closing is unknown.  What I can tell you is the seller's did receive an unsolicited offer, prior to our involvement, near $3.5m.  We encouraged the seller to list unpriced so we can show them the market.  All offers will be considered and responded to.  Please call to discuss further, if you have continued interest.

 

The property has been owner occupied for 40 years.  After long consideration the family and owners of D'Andrea Banquets will be closing.  The partners are retiring after 4 decades of service in this vibrant marketplace.  This is a highly desirable location with, great daily traffic counts (60,000 cars per day at the intersection), low McHenry county real estate taxes, beautiful building (17,794 sf), excellent frontage on Route 14 (over 500'), high household incomes (above $125,000), and offers a prime land (3.64 acres) for the next owner.

 

The property can be purchased in three separate ways. The first being as is to continue running the property as a banquet center. Secondly, the property could be purchased for repurposing the building without the equipment and last, and most probable will be as a redevelopment.

 

The property as it sits is a fully functioning banquet facility. There is a total capacity for about 1000 people at any given time. There are multiple bar setups, coat rooms, and restrooms. The banquet rooms are configured such that you can have a small event or a very large event. The well-equipped commercial kitchen has three walk-in coolers and one walk-in freezer. The current operation has its linen inventory as well as laundry facilities to take care of it.

 

Another option would be to purchase the property and allow the owner to sell off the equipment and fixtures of the property assuming it would not be needed. The building could then be repurposed for another use.

 

The third option would be to repurpose the entire property into a new development, possibly demolishing the current structure and adding new buildings.