21000-21200 Cicero Ave.

Commercial Note for Sale Details

• Lender: Geary’s Realty LLC affiliated entity

• Borrower: Undisclosed

• Principal: $370,000

• Total Outstanding: $383,875

• Collateral: Commercial property at 21000-21200 Cicero Ave, Matteson, IL 60443; includes improvements, rents, personal property, easements, water/mineral rights

  • APNs: 31-27-100-006-0000, 31-27-101-004-0000, 31-27-200-009-0000

• Loan Type: Commercial mortgage, first-priority lien (max $572,000.00)

• Interest Rate: Implied in forbearance payments; 15% default rate

• Payment Status: All forbearance payments made ($12,332.00); 3 months behind on default interest ($13,875.00)

• Forbearance Period: Ended December 29, 2023

• Remedies on Default: Acceleration, foreclosure, rent collection, receiver appointment

• Zoning and Land Use:

  • Parcels 1 & 2: Mixed-Use Commercial (C-3 or M-1 zoning, per Matteson Village Code)

    • Permitted Uses: retail, office, industrial (up to 1,500,000 SF), warehouses, restaurants, hotels, medical facilities. Conditional Uses: drive-thrus, logistics centers (with special use permit).

  • Parcel 3: Residential (R-1 or R-2 zoning)

    • Permitted uses: single-family homes, townhouses, water mitigation areas. Conditional uses: multifamily with approval.

• Development Potential: Part of a 200+ acre mixed-use development; ideal for retail centers, industrial parks, or residential subdivisions, leveraging Cicero Ave’s high traffic and proximity to I-57.

• Opportunity: High-yield potential (15% default rate), valuable collateral with versatile commercial and residential uses in a growing Southland market

• Strategic Advantage: Proximity to I-57, Lincoln Highway (US-30), and Metra stations enhances accessibility. The former Lincoln Mall site’s redevelopment (north of the property) signals strong market demand for mixed-use projects, increasing the parcels’ value for commercial or residential ventures. Potential railroad spur.

Neighborhood Highlights

Matteson, a vibrant suburb south of Chicago, offers a family-friendly, culturally diverse community with a population of around 19,000. Known for its quiet, well-maintained neighborhoods and suburban charm, it features parks like Oakwood and Allemong, along with the scenic Old Plank Road Trail for outdoor enthusiasts. The village boasts a strong commercial corridor, with numerous shopping and dining options.

Location Benefits:

• Proximity to Downtown: 32.2 miles south of downtown Chicago

• Transportation: 2 miles from I-57; 1.6 miles to Matteson Metra Station; CN Rail track runs through south side of parcels

• Airports: Chicago Midway International (24.1 miles, 45 minutes); Chicago Ohare International (45.1 miles, 1 hour)

• Amenities: Several major shopping centers within a few mile radius including various dining options

• Parks: Several parks and forest preserves within a few mile radius