Le Lézard
Classified in: Business
Subject: RLE

HILCO REAL ESTATE CLOSES TRANSACTION OF $17+ MILLION COLD STORAGE FACILITY SALE IN TEXAS


NORTHBROOK, Ill., Nov. 21, 2022 /PRNewswire/ -- Hilco Real Estate, LLC, (HRE) was chosen as part of a competitive process by Alamo Dynamic, LLC, a private equity-backed food producer, to monetize a turnkey, USDA-certified, cold storage facility located in Lubbock, Texas. The property consisted of 224,000± SF across five buildings set on 16.38 sprawling acres.

The pandemic took its toll on the company, as Dynamic Foods' main contractual partner, Furr's Fresh Buffet, filed for bankruptcy in spring of 2021. Without this partnership, the facility was only running at about 20% capacity, which led to the ownership's decision to sell the facility and all its associated assets.

Due to the property's tertiary location, the existing specialized buildout of the facility, environmental challenges and a tight deadline, the seller was uncertain of the ultimate recovery a sales process could yield.

HRE immediately implemented a targeted national marketing campaign that, in just under three months, garnered over 80 direct inquiries from sophisticated buyers (many who were end users), nine tours with well-qualified groups and three viable offers. HRE conducted a multi-phased, competitive offer process in which the ultimate price exceeded $17,000,000, far beyond the initial anticipated sale price.

During the due-diligence period, the buyers came across an unknown environmental issue with the potential to delay the closing. Hilco Global institutional knowledge regarding mitigating environmentally challenged properties proved invaluable. The team developed a unique phased closing strategy to accommodate the seller's need for a quick sale and the buyer's desire to begin retrofitting the facility on a specific timeline. The phased closing plan also allowed the seller to responsibly address the ongoing remediation prior to transferring the impacted parcel to the new buyer.

Chet Evans, a vice president at Hilco Real Estate, said of the sale, "We are thrilled that the sale will allow the buyer to utilize the highly sought-after cold storage component of the facility, and more importantly, provide jobs to the area, many that were lost when the previous operator closed its doors. Simultaneously, our strategic sale process allowed the seller to maximize the property's value, limit time and costs typical in conventional sale processes, and thoughtfully address the environmental obstacles that could have otherwise thwarted the sale."

For more information on how Hilco Real Estate brought our speed-to-value approach to this successful sale, visit the property's case study page. To view other active industrial listings with Hilco Real Estate, please visit our website.

About Hilco Real Estate: Hilco Real Estate, LLC ("HRE"), a unit of Hilco Global, is headquartered in Northbrook, Illinois. HRE is a national provider of accelerated real estate disposition services for corporations, lenders, servicers, receivers, bankruptcy attorneys, estates, private owners, investment companies as well as local, state, and federal government agencies. Acting as an agent or principal, HRE applies its vast experience to advise and execute strategies, helping both healthy and distressed clients to derive 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.

 

SOURCE Hilco Real Estate


These press releases may also interest you

at 09:00
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against NewAge, Inc. ("NewAge" or the "Company") and reminds investors of the February 6, 2023 deadline to seek the role of lead plaintiff in a federal...

at 09:00
On or about July 28, 2022, CORE Cashless became aware of a compromise to its environment, which may have resulted in the inadvertent exposure of sensitive information of individuals who processed their payment card through the websites of certain...

at 09:00
Maria Oddy is noted for The Luxury Real Estate Experience in Naples, Florida. Maria's exclusive global network of contacts and her understanding of the Naples lifestyle makes her the perfect choice for the real estate needs of the...

at 08:00
On Wednesday, February 8, the College of Law at St. Thomas University in Miami, Florida, will become the Benjamin L. Crump College of Law. This will be the first law school in the country named after a practicing Black attorney. The only other law...

at 07:21
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against F45 Training Holdings Inc. ("F45 Training" or the "Company") and reminds investors of the February 6, 2023 deadline to seek the role of lead...

at 07:00
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against National Vision Holdings, Inc. ("National Vision" or the "Company") and reminds investors of the March 28, 2023 deadline to seek the role of lead...



News published on 21 november 2022 at 15:00 and distributed by: