Court Orders Auction of Mercury Theatre, Strega Nona and Cullen's Bar & Grill; Inland Real Estate Auctions, Inc. Retained.

OAK BROOK, Ill. -- On Thursday, December 23, the Circuit Court of Cook County ordered the auction sale of 3741-47 N. Southport Ave., home to the Mercury Theatre, Strega Nona (a Carlucci restaurant) and Cullen's Bar & Grill. Inland Real Estate Auctions, Inc., one of the nation's leading auction companies, has been retained by a court-ordered receiver to sell the property.

The multiplex building, which has been substantially improved over the years, will be sold subject to a minimum bid of $1.975 million. The two-story theater building, flanked on either side by the one-story restaurant spaces now housing Strega Nona and Cullen's, was constructed in 1920. It first served as a nickelodeon called "The Blane" that showed silent movies, according to historical reports. The building underwent a $3 million-plus renovation and addition in 1994, which included the installation of theater seats that originally sat in a Boston vaudevillian theater. Since its opening as the Mercury Theatre in 1996, the stage has been home to several major commercial off-Loop productions, including Pope Joan, Over the River and Through the Woods and His Way: A Tribute to the Man and His Music. Now showing at the Mercury Theatre, through Jan. 29, is The Complete Works of William Shakespeare (Abridged).

"There are a number of options here," said Frank Diliberto, senior vice president of Inland Real Estate Auctions, Inc. "The property is currently occupied. However, redevelopment options also exist at the buyer's choice, making the auction an ideal opportunity for users, investors or developers."

Inland's auction program will provide substantial details about the property and the terms, Diliberto added, which will allow bidders to make informed decisions about value prior to the auction.

According to Thomas F. Meagher, the receiver appointed by the court, the auction sale was ordered to accommodate the dissolution of a partnership between the property owners.

The property is on the same block as the vintage art movie house the Music Box Theatre, and is surrounded by major commercial and residential development on Ashland, Western, Southport, Clark, Halsted and Broadway.

The auction will occur in March, and inspections and bidders' seminars will be conducted over the next several weeks. Interested parties can contact the auction company at [phone].

Inland Real Estate Auctions, Inc. (inlandreauctions.com) is part of The Inland Real Estate Group of Companies, Inc., which comprises independent real estate investment and financial companies doing business nationwide. With more than 30 years of experience focusing on real estate auctions, acquisition, commercial real estate brokerage, investment, property management, land development and commercial mortgage lending, Inland is one of the nation's largest commercial real estate companies. Inland's national headquarters is in Oak Brook, Ill.