When marketed this summer, five bids for the former Chicago Wickes Furniture co. warehouse ranging from $4.7 million to $5.9 million were submitted for the 11.3-acre site at 351 W. Dundee Road, court documents show, including a bid from Itasca-based Hamilton Partners.
The village of Wheeling hopes the existing facility would be replaced with a new retail or residential development, said Alain LeCoque, an executive vice-president with Rosemont-based real estate firm Colliers Bennett & Kahnweiler Inc., which is marketing the property.
Wheeling Village Planner Andrew Jennings could not immediately be reached for comment on Friday.
In the Monday auction, likely bidders include a group of banks led by Wells Fargo Retail Finance LLC, which provided financing to Wickes while in bankruptcy. The group is owed about $14.3 million and can credit-bid for the real estate, reducing the outstanding balance of the loan by the amount of the bid.
An attorney for the retail finance arm of San Francisco-based bank holding company Wells Fargo & Co. did not return a call requesting comment.
The property is one of the retailer’s last remaining assets after filing for protection from creditors in February.
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