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News

Hilco Real Estate Announces the Court-Ordered Bankruptcy Sale of a 228,000± Square-Foot Industrial Cold Storage Facility in Norfolk, Neb.

Oct 11, 2019

Norfolk Cold Storage for Sale

Hilco Real Estate, LLC announces Thursday, November 6, 2019 as the bid deadline for the court-ordered bankruptcy sale of a 228,000±-square-foot former Tyson Meats food processing facility in Norfolk, Nebraska, the state that calls itself the “breadbasket of the world.” The property is being offered subject to a minimum qualified bid of $2,500,000, less than $11 per square foot.

The facility, which housed 1,700 employees at its peak, features 50,000 square feet of freezer storage potential, 25-foot clear heights, a 100,000-gallon hot water storage tank, a 150,000-gallon wastewater storage tank and 23 knockout dock doors. Additional highlights of the facility include pre-cast construction, reinforced concrete floors and more than 700 parking spots.

Due to the property’s location in a qualified opportunity zone, potential buyers may be able to take advantage of significant tax incentives. There is also tax increment financing (TIF) available from the local municipality. The property has proximity to some of the largest feed lots in the country, offering an exciting opportunity for food processors and cold storage users.

Norfolk has a population of approximately 25,000 and is the economic center for an area encompassing six counties. Basic economic activities of Norfolk are manufacturing, farming (both livestock and grain), education, retailing and wholesaling. Manufacturing employs more than 4,000 people in the area, according the Norfolk city website. In addition to food processing, there is strong industrial diversification in the area that the Norfolk Economic Development Council credits as steel production and fabrication, injection molded plastics, industrial hose production and agriculture. Nebraska’s own manufacturing advisory council also acknowledges the state’s history of manufacturing food and beverages, farm equipment, beef and plastics.

The demand for cold storage within the U.S. is rising every year and is projected to continue to rise through 2025 with Grand View Research connecting this to the increased popularity of online grocery delivery, as well as technological advancements in packaging, processing and storing of perishable food products and temperature-sensitive items. According to several cold storage industry expert reports, the rise in online grocery purchasing alone will result in an increased need for cold storage space by up to 100± million square feet over the next five years

Jeff Azuse, Senior Vice President of Hilco Real Estate, stated, “With such high demand for cold storage in this region, this property offers an exciting opportunity for food processing buyers to purchase a facility with all the necessary infrastructure in place. Due to the nature of a court-ordered bankruptcy sale, we feel confident the winning bidder will achieve maximum value for a great price.”

For further information or to participate in the online auction, please contact Kiefer Price at (847) 504-3221 or kprice@hilcoglobal.com.

For further information on the property, an explanation of the sale process, sale terms or to obtain access to property due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.

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

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