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Hilco Real Estate Announces Bank-Directed Sale Of 25+ Bank Owned Assets

February 02, 2017, 08:00 AM
Filed Under: Real Estate

Hilco Real Estate, LLC announced the upcoming online auction of a portfolio of REO assets on behalf of a large Illinois-based bank.  The bank has mandated the disposition of these assets in the First Quarter of 2017.  The assets included in this offering range from income-producing buildings with commercial tenants, commercial parcels ideal for industrial or retail development, and sizable residential parcels improved for subdivision development.

The 26 assets included in this portfolio are located throughout Illinois, Indiana, and Wisconsin.  Highlights include a 23,000 SF income-producing medical office building in East Moline, IL; an income-producing mixed-use building with a bar, restaurant, and multiple residential units in Monee, IL; an income-producing office and retail building complex on Northwest Highway in Lake Barrington, IL; a 20,000 SF light industrial property and yard in Rock Island, IL; and a prime 7.5 acre retail development site on Randall Road adjacent to Algonquin Commons Mall in Algonquin, IL.  A comprehensive list of the 26 assets within this portfolio including detailed property descriptions and due diligence information is available for viewing and downloads HERE.

The format and structure of the online auction provide prospective buyers with the opportunity to bid on each property individually or in any combination. The online auction will begin at
9:00 am (CT) on February 28, 2017 and conclude at 5:00 pm (CT) on February 28, 2017.

Commenting on the portfolio of properties being sold, Jeff Azuse, Senior Vice President of Hilco Real Estate, said, “The assets in this portfolio have unique and location-related attributes that will be very attractive to a wide audience of local and regional retailers, business owners, real estate developers, and investors.  Many of these sites are located in well-traveled commercial districts and have tremendous income producing potential.  As such, we anticipate this sale to attract active interest from a broad spectrum of businesses, developers, investors and end-users.”

Mr. Azuse continued, “Virtually all sites are ideal for development, redevelopment, or immediate occupancy and have tremendous value-add potential.”

"Auctions continue to grow as one of the leading disposition strategies for bank-owned assets across America due to their swift timeframe, transparency, and surety of closing.  In this industry, Hilco is a leader,” Azuse added.

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