37,000 SF office/manufacturing facility will be sold subject to low minimum bid on
September 12, 2017
July 27, 2017: Northbrook IL — Hilco Real Estate, LLC (www.HilcoRealEstate.com ) announced the upcoming auction of the former Newton Manufacturing company headquarters on September 12, 2017.
The expansive 37,000-square foot facility offers excellent exposure and visibility along 1st Avenue, with easy access to I-80. The building features significant office and storage space which includes executive conference rooms, production areas, storage/warehouse space, an employee lounge, a maintenance shop and multiple loading doors that span multiple levels. The purchase of the property will include all remaining office furniture and equipment. Totaling 3.78 acres, the site also offers ample parking over three lots, as well as significant excess land ideal for expansion or future development. Future uses could include office, manufacturing, school/special use, or redevelopment.
Previously offered at $695,000, the property will now be sold subject to a minimum bid of $225,000. Thus, the Seller will sell the property to the highest qualified offer at or above the minimum bid.
The deadline for submitting initial offers is September 7, 2017 by 5:00 PM CT. An earnest money deposit of $25,000 is required to participate. All qualified offers will advance to the auction to be held on September 12, 2017.
Interested buyers can view the property by appointment only. Please contact Hilco at (855) 755-2300 to schedule a tour.
Founded in 1909, the Newton Manufacturing Company operated on a small staff consisting of 59 local employees and a nationwide support staff of 300. The employee-owned company manufactured and sold specialty advertising products before Newton Manufacturing filed Chapter 11 bankruptcy protections in June 2015. Thereafter, the business was purchased by Halo Branded Solutions, based in Sterling, Illinois.
In recent years, the City of Newton has made concerted efforts to promote growth and development within its business community using a proactive strategy of local resources combined with aggressive incentive packages. This approach has resulted in creating a thriving manufacturing base, which has spawned other support businesses throughout the area. Since 2007, a number of companies have started in or moved to Newton, including: Underwriter’s Laboratory, Trinity Structural Towers, TPI Composites, Caleris and others.
Joel Schneider, Senior Vice President with Hilco Real Estate, added, “The auction represents a great opportunity for businesses, public/non-profit institutions, investors, or developers to acquire a highly-versatile property with tremendous upside potential for an incredibly attractive price.”
Detailed due diligence material is available for the property, including property-specific information, an explanation of the sale process and the Terms of Sale. This information can be reviewed and downloaded from HilcoRealEstate.com. Please contact a member of the Hilco transactional team with questions at 855-755-2300. Hilco is working in cooperation with NAI Optimum, a full-service commercial real estate company, headquartered in West Des Moines, Iowa.
For more information about this property or other properties available for sale, please visit www.HilcoRealEstate.com.
About Hilco Real Estate, LLC: Hilco Real Estate, LLC (“HRE”), a Hilco Global company www.hilcoglobal.com , 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 & techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.
About NAI Optimum: NAI Optimum is a full-service commercial real estate company, headquartered in West Des Moines, Iowa specializing in management services, brokerage, development, accounting services and corporate services. NAI Optimum is a proud affiliate of NAI, with over 375 offices in 55 countries worldwide.