The former corporate headquarters of BITCO Insurance Cos. in downtown Rock Island will be sold in an online auction next week, the building's current owner said Tuesday.
The Davenport-based Russell Construction is selling the office building at 320 18th St. during an online absolute auction, said Caitlin Russell, a company director. In this type of auction, she said the building sells to the highest bidder no matter what the bid. There is no minimum bid required.
The building was most recently appraised at $1 million.
The national auction company Tranzon will conduct the auction. To pre-register and for property information, visit tranzon.com.
The online auction will open at 7 a.m. Feb. 6 and close at 2 p.m. Feb. 9. A pre-inspection tour for prospective buyers will be at 11 a.m. Thursday at the building.
Russell Construction acquired the building Dec. 5 as part of a larger real estate transaction, Russell said.
The 64,743-square-foot office building housed BITCO, formerly Bituminous Insurance Cos., until last spring when the company relocated to its new headquarters along Interstate 74 in Davenport. Located at 3700 Market Square Circle, the new building was developed and is owned by Russell Construction.
Russell said BITCO had listed the site for sale since construction began on the new headquarters, and had sparked a lot of interest. The listing was pulled 30 days prior to the auction.
"We've had inquiries all the way to Thailand," Russell said, adding that there has been interest from prospects in Kentucky, Texas, California, Ohio, Florida, Colorado, Virginia as well as 10-plus inquires in the Quad-Cities.
"It's a great location in downtown Rock Island with 50 parking spaces on site and it's right next to the city parking garage if someone needs more parking," she said.
Asked why Russell chose not to redevelop it, she said "We've been focused on some other areas, specifically The Lodge (former Jumer's Castle Lodge). We think there is someone else out there that can make something happen."
