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News

Hilco Real Estate Announces the Offer Deadline for Prime 48,000± SF Office Building in Merrillville, Indiana

Oct 25, 2018

NORTHBROOK, IL (October 2018) - Hilco Real Estate, LLC announces November 27, 2018 as the offer deadline date for a well-located 48,330 sq. ft. office building in Merrillville, Indiana. The current owner, membership-based home furnishings wholesaler Direct Buy, seeks to enter into a short-term sale-leaseback for eight months with the new owner as Direct Buy transitions to a new facility.

 Built in two phases with construction concluding in the late 1980’s, this property features a 48,000 square foot office building comprising two floors of space. Highlights include five conference rooms, a large break room, and approximately 20 executive offices. The site also includes a 9,500 square foot freestanding warehouse that is situated on the northwest corner of the parcel. This two-story warehouse includes four drive-in bays with overhead doors and is both heated and cooled for use all year. This versatile property also features a large pylon sign along Broadway and over 290 spaces across the site.

The sale-leaseback would include an eight month initial term with a two-month extension.

With its prominent location along Broadway, the facility is located near the heart of Merrillville’s commercial district, less than a mile from the I-65/US-30 Interchange. Centrally located within the Midwest, the property also boasts strong locational attributes with proximity to a variety of transportation options, including proximity to Chicago just 50 miles to the northwest.

 Earlier this month, White Lodging announced its plans to construct a more than $350 million development, dubbed The Farm at Crossroad Commons at the site formerly occupied by the Radisson and Star Plaza Theatre in Merrillville. The 40-acre development is billed as a mixed use project that will combine hotels, event spaces, office space and restaurants, according to a White Lodging presentation.

Jeff Azuse, Senior Vice President of Hilco Real Estate, stated, “Given the open layout of office space throughout the two floors, a useable basement area, and the freestanding warehouse in the back, this property is ideal for a variety of businesses. The Merrillville area is becoming a sought after, centralized business hub as more and more corporations are bringing their operations to Indiana.”

Azuse continued, “Additionally, the guaranteed income from a short-term lease with Direct Buy will provide the savvy investor with a perfect runway to line up the next tenant for success in this space. It’s a rare acquisition opportunity that checks all the boxes for either the investor looking for strong upside potential or the business owner seeking to expand operations in a vibrant, business-focused community!”

The Bid Deadline is scheduled for Tuesday, November 27. Offers must be delivered to the offices of Hilco Real Estate on or before 5:00 p.m. (CT) on the day of the deadline to be considered. Interested buyers can submit their offers via mail to the following address: Hilco Real Estate, 5 Revere Drive, Suite 320, Northbrook, IL 60062, or via email to smadura@hilcoglobal.com.

For further information on the property, an explanation of the sale process, Terms of Sale, and to obtain access to the Virtual Deal Room containing all property due diligence, please visit HilcoRealEstate.com or call (855) 755-2300.

For more information about this or other properties available for sale, please visit HilcoRealEstate.com.

About Hilco Real Estate
Hilco Real Estate (“HRE”), a Hilco Global company (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 consistently exceeds expectations.

 
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