HILCO REAL ESTATE ANNOUNCES THE SALE OF 52± ACRES OF COMMERCIAL AND RESIDENTIAL DEVELOPMENT LAND NEAR LOOP 410 AND S. ZARZAMORA STREET IN SAN ANTONIO, TEXAS
NORTHBROOK, Ill., Jan 9, 2023 /PRNewswire/ — Amid shifting market conditions, Hilco Real Estate, LLC (“HRE”) successfully completed the Chapter 11 Bankruptcy sale of 52± acres of prime interstate commercial and residential development land located on San Antonio’s south side (Bankruptcy Case #21-42132-mxm11, In re: Chazar 410 Holdings, LLC), ultimately closing for $6,550,000. The parcels sit along Loop 410 and S. Zarzamora Street, just south of San Antonio’s main business district and directly across from Texas A&M University – San Antonio.
Hilco Real Estate’s national bankruptcy team was engaged by the Chapter 11 Trustee, Robin Phelan, to assist in structuring a sale that would effectively maximize interest in and the value of the assets in a two-pronged approach. The first step was to secure a “stalking horse bidder” at $5,735,000. The stalking horse bidder provided the needed backstop to protect the trustee’s downside risk. Our team then conducted a well-publicized and heavily marketed sale of the assets. While no stranger to short timelines, HRE (i) was engaged by the Chapter 11 Trustee, which engagement had to be approved by the bankruptcy court, (ii) structured and executed on the sales process, and (iii) brought the deal to a closing in less than 90 days – a very truncated timeline.
The HRE team aggressively marketed the property nationally, resulting in 100+ direct inquiries, culminating in a competitive auction event that garnered a final closing price of $6,550,000 – well above the stated stalking horse minimum bid. Despite the complexity of the circumstances in this case, Hilco Real Estate exceeded seller expectations through their implementation of an effective, customized sales solution, their deep understanding of bankruptcy, and their national outreach to knowledgeable, sophisticated buyers. They were able to overcome an unpredictable market and consolidated sale timeline to achieve a 100% recovery to all secured and unsecured creditors involved with the bankruptcy case.
Nico Nesenoffa managing director at Hilco Real Estate, stated, “Being able to come in and provide an effective solution for a bankruptcy trustee and legal team who put their faith in our program, is what we believe separates us from other groups. It’s our knowledge of the bankruptcy code and experience in complex bankruptcy sales that makes us an invaluable tool in any case.”
Terry Rochefordsenior vice president of business development at Hilco Real Estate, stated, “This sale perfectly illustrates the strength of the Hilco Real Estate platform to efficiently monetize virtually any asset type under virtually any market condition. This is due, in large part, to the experience and expertise of our team.Our national marketing campaign reached commercial and residential developers and investors from coast to coast and leveraged our significant experience selling assets throughout the state of Texas. In the end, our team marketed, sold, and closed the property in less than 90 days, all while maximizing the value – at Hilco Real Estate, we call this ‘speed to value’.”
To learn more about Hilco Real Estate or our advisory services for an ongoing bankruptcy, 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 & 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