The Evanston Plaza Shopping Center at Dempster Street and Dodge Avenue was sold at a court-ordered auction today.
The successful bidder was Bank of America which paid $12,350,000 for the property, according to Evanston City Manager Wally Bobkiewicz.
Bobkiewicz says the city plans to work with the bank as it weighs its development options and potential partners for future development.
Bank of America had filed a $105-million foreclosure suit last year against the center's owner, Joseph Freed & Associates LLC, over the Evanston property and another shoppintg center Freed owned in Chicago's Wicker Park neighborhood.
For a year the plaza has been managed by a court-appointed receiver, Forsite Realty.