The First Midwest Bank Amphitheatre in Tinley Park near Chicago is the latest Live Nation shed to go on the market, with CB Richard Ellis handling the sale.
The 28,500-capacity venue will be the fifth, including the already-sold Starwood Amphitheatre near Nashville, to be put on the sales block by Live Nation in 2007.
Live Nation spokesman John Vlautin confirmed reports the shed, long known simply as Tinley Park and originally opened by Jam Productions as the World Music Theatre in 1990, was up for sale.
The company issued a statement similar to those for the other buildings: "We are continually evaluating our real estate holdings on a national basis and our decision to look into a sale at this time is based on a number of factors. This certainly does not mean that a sale is imminent or necessarily guaranteed."
Tinley Park reported 17 shows in 2006, grossing $10,573,832. To date, 13 shows are on the books at the shed, including shed regulars such as Ozzfest, the Family Values Tour, Vans Warped Tour ’07 and Jimmy Buffett.
As is the case with many large suburban sheds, it’s believed the underlying real estate of the 110-acre property is of more value than its use as a concert venue.
Live Nation has focused on the mid-sized theatre and large club market in 2007, and more shed sales could be in the offing.