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News

Hilco Real Estate Announces the Sale of a 7500± SF Entertainment/Retail Venue in North Carolina

Feb 25, 2021

Entertainment Venue in North Carolina

Hilco Real Estate, LLC announces the bid deadline of Thursday, March 25, 2021 for a former comedy club in Chapel Hill, NC. Located in the heart of the city on Franklin Street, the 7,500± square-foot building has plenty of space and ample parking to have a variety of possible future uses. On-site inspections will be held on Thursday, March 4 and Thursday, March 18.

This venue is situated directly on West Franklin Street, Chapel Hill’s main drag and a hotspot for numerous other bars, restaurants, and retailers. Standout features of the 7,500± square-foot property include its flexible three-story floor plan and twelve off-street parking spaces. While the asset is part of a condominium with its neighboring business, Carolina Brewery, the parking in the back belongs to the subject property and does not need to be shared with the other tenant. Within the newly renovated building is a finished basement with four private rooms and green screen space. The ground level includes a café area featuring a full-service bar with a custom, 222-year-old black walnut top, as well as a spacious stage. A generous amount of seating is available both inside and out as the basement can seat 40 people, the ground level can seat 90 people, and additional street seating is permitted. Potential uses for the property include retail, restaurant, bar or commercial, and ultimately the property offers an upscale theater/venue in a rapidly expanding neighborhood in Chapel Hill.

Chapel Hill is a city of approximately 65,000 people located just 20 minutes southwest of Durham and less than 40 minutes northwest of North Carolina’s capital city, Raleigh. Within walking distance from the property, the University of North Carolina at Chapel Hill has a 729-acre campus that hosts approximately 20,000 students every year. Nearby housing developments, such as Greenbridge Condominiums, Shortbread Lofts and Courtyard Lofts, position the venue in an ideal location with optimal visibility for residents. There is convenient access to public transportation, and the RDU airport is less than a 30-minute drive away. Neighboring businesses on Franklin Street include The Graduate Chapel Hill hotel, McDonald’s, Target, and numerous cafés and eateries.

Jeff Azuse, senior vice president of business development at Hilco Real Estate, stated, “This entertainment and retail space has a prime location in the heart of Chapel Hill. Its incredible square-footage and off-street parking are both very rare for the area.” He continued, “Surrounded by some of the most popular restaurants in the city and having a strong population within a five-mile radius, there are a multitude of possibilities for what this charming venue can become.”

The bid deadline is scheduled for Thursday, March 25, 2021. Bids must be delivered to the offices of Hilco Real Estate on or before 5:00 p.m. (EST) on the day of the deadline to be considered. Interested buyers should review the detailed sale terms for requirements in order to participate in the sale process available on Hilco’s website. Offers may be submitted via mail to the following address: Hilco Real Estate, 5 Revere Drive, Suite 410, Northbrook, IL 60062, or via email to jrestrepo@hilcoglobal.com.

On-site inspections will be held on Thursday, March 4 and Thursday, March 18. For more information regarding the sale process or to schedule an on-site appointment, please contact Jiovanny Restrepo at (847) 386-2282 or jrestrepo@hilcoglobal.com or Kiefer Price at (847) 504-3221 or kprice@hilcoglobal.com.

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

 

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 and 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.

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