Property Map

Melrose Crossing

1901-2029 N Mannheim Rd, Melrose Park, IL
  • Property Type: Retail
  • Size: 138,203 Sq. Ft.
  • Date Closed: 12/1/2019

Challenges

• DD's Discount has a lease that has a termination tied to sales.
• Property is located in Cook County where taxes were just reassessed at double the previous valuation.
• Seller involved in a litigation with a tenant claiming that another tenant had violated an exclusive
• A new roof was necessary over the totality of the property

Solutions

• Advised the Seller to indemnify and hold the Buyer harmless against the pending litigation and give Buyer a personal guarantee for the litigation.
• Advised the Seller to escrow funds for any portion of the unfinished roof, should there be any
• Advised the Buyer to use contract to protest taxes

Results

• The Seller finished the roof just prior to closing and received all final contractor lien waivers, so no additional funds needed to be held in escrow.
• The litigation is ongoing, however the Seller is still indemnifying the Buyer and giving his personal guarantee for this.
• We closed on time and just before end of year

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