Online Auction Scheduled for May 24
NORTHBROOK, lL (April 2017) – Hilco Real Estate, LLC announces the sale of a portfolio of 10 former bank branch, office, and warehouse buildings on behalf of a large Illinois-based bank.
The assets included in this portfolio are located throughout the Chicagoland area and Northwest Indiana. Highlights include two adjacent industrial flex buildings that total 34,165 SF in Hickory Hills, IL; a partially-leased 30,000 SF multi-level office building with a former ground floor bank branch situated along Route 41 in St. John, IN; and a well-located former bank branch on S. Cicero Avenue in Alsip, IL. A comprehensive list of the assets within this portfolio, including detailed property descriptions and due diligence information, is available for viewing and download at:
The deadline for submitting initial offers is May 24, 2017 by 5:00 pm Central Time, delivered to the offices of Hilco Real Estate, 5 Revere Drive, Suite 320, Northbrook, IL 60062, Attention: Steve Madura or via email to firstname.lastname@example.org. All interested parties are invited to submit their highest and best offers on or before this date. Buyers should note that all former bank branch locations include a restriction prohibiting future use as a bank or competing financial institution until April 1, 2018.
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 given that most were previously bank branches. The layout of the structures and lot sizes will be very attractive to a wide audience of medical and general office users, real estate developers, and investors. Many of these properties 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, “As we see a shift in consumer preferences in the banking industry, large brick and mortar bank branches are no longer a necessity to run a successful consumer banking operation. Both the quantity and size of branch locations within a bank’s portfolio has decreased significantly in recent years.”
"Over the past few years, Hilco has helped numerous local and regional banks streamline their real estate portfolios by disposing of excess branches and other bank-owned assets using an accelerated sales process with a date certain offer deadline or auction. These types of sales continue to grow as one of the leading disposition strategies for bank-owned properties due to their swift timeframe, transparency, and surety of closing. In this industry, Hilco is a leader,” Azuse added.
For more information about bid qualifications, terms of sale, further details about the properties available, or an explanation of the auction process, please visit www.HilcoRealEstate.com or contact a member of our 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.