Bid Deadline: May 9, 2017 at 4:00 p.m. (Central Time)
NORTHBROOK, lll., March 29, 2017 /PRNewswire/ -- Hilco Real Estate, LLC announces the upcoming bankruptcy sale of a 69,000 SF refrigerated distribution warehouse in Tilton, IL. The property is ideally located along Interstate 74 just east of Champaign, IL, which places the property within 100 miles of both Chicago and Indianapolis, and only 160 miles east of Saint Louis, MO.
The site was built for and utilized by an Anheuser-Busch beverage and food distributor, Earl Gaudio & Son, Inc., which went into bankruptcy in July 2013. Built in 2008, the building is a high quality, modern refrigerated warehouse with impressive features, including 21,800+/- SF of refrigerated storage, 8,000 SF of walk-in freezer/cooler space, four (4) docks and eight (8) drive-in doors. Additionally, the 9,500 +/- SF high-end office space makes this property a unique headquarters option for a business looking to relocate or expand in the Midwest. Alternatively, the office space could be remodeled to serve other complimentary functions.
The site is less than one mile south of Interstate 74 which connects Indianapolis and Illinois' capital, Springfield, granting the property easy access to almost anywhere in the Midwest. A strong, centralized location with superior Interstate access is key in today's economy as the e-commerce market continues to grow rapidly. Distribution and logistics services are growing in conjunction with rising internet-based spending, and more companies need well-located, highly functional distribution space to meet their requirements. As retail sales, including groceries and other perishable categories continue to move online, the need for refrigerated distribution buildings are at an all-time high. The promise of ever-shortened delivery times to consumers is increasing the demand for distribution-oriented real estate similar to this property in Tilton.
In accordance with the court-approved Bidding Procedures, a copy of which will be made available on Hilco Real Estate's website, all interested parties must submit a written offer of at least $2,000,000 (the minimum cash purchase price) to Hilco Real Estate by 4:00 p.m. (Central Time) on May 9, 2017, along with other materials required by the Bidding Procedures, in order to be qualified to bid. Qualified Bidders will then be able to participate in an auction that is currently scheduled to be held telephonically on May 25, 2017 at 10:00 a.m. (Central Time).
Commenting on the upcoming sale, Joel Schneider, Senior Vice President of Hilco Real Estate, said, "The sale offers the opportunity to step into a state-of-the-art, turn-key distribution property located on an Interstate within a two-hour drive time of three major metropolitan areas. This site could essentially be the keystone for any distribution business in the Midwest who needs high-quality refrigerated space. This is truly an unmatched Midwest real estate opportunity."
According to Vermillion Advantage, the economic development organization for Vermillion County where the property is located, 97% of area companies project the economic outlook as "steady to steady growth" in a First Quarter 2017 survey. This survey included responses from 32 of the largest companies in the area, accounting for over 11,000 employees. The Tilton, IL market is a strong centralized market, and growth is continuing to support the region.
Mr. Schneider continued, "This property represents a premier option for a distributor looking to expand or relocate in this part of the Midwest. The property's condition and quality, as well as a strong surrounding labor force and Interstate highway access, combine to make this offering one the best opportunities this year to acquire a high-quality property that a business can move into immediately."
For more information about the bidding process, please visit www.HilcoRealEstate.com or contact a member of the transactional team at 855-755-2300.
About Hilco Real Estate, LLC: Hilco Real Estate, LLC ("HRE"), a Hilco Global company, is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, extensive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE consistently exceeds expectations.