I agree. Here in Colorado leases run with the land. That means that a lease is in full force and effect regardless of the ownership of the property. Your Illinois attorney can verify that for your state.
From a practical point of view, you're in a pretty good position. In this market is highly unlikely that anyone would want to lose the existing tenants. Conversions of apartments and condominiums has all but stopped. And any higher and better use would likely require scraping the structure and building something new. Again that's not likely to happen in this market.... more