NEWS PROVIDED BY Hilco Real Estate
Mar 27, 2023, 09:00 ET
NORTHBROOK, Ill., March 27, 2023 /PRNewswire/ — Hilco Real Estate, LLC (HRE) announces the successful sale of this 10,000± SF medical office building for twice the court-approved minimum bid. Hilco Real Estate represented Wis. Stats. Chapter 128 Receiver, Michael S. Polsky, Esq., in the sale of this property, which is located at 4216 S. Green Bay Road in Mount Pleasant (Racine), Wisconsin.
Hilco Real Estate’s team was engaged by Michael S. Polsky, Esq. and acted as advisors to assist in structuring a sale that would effectively maximize interest in and the value of the asset. HRE established an attractive minimum bid price to garner interest leading towards a bid deadline followed by a competitive virtual auction. HRE was officially retained on December 20, 2022 and the bid deadline – as outlined in the court-approved bid procedures – was scheduled for March 2, a very truncated sales timeline.
The Hilco Real Estate team aggressively marketed the property locally, regionally and nationally, which resulted in numerous direct inquiries. The sale culminated in a competitive virtual auction event that generated a final closing price well above the set minimum bid and a closing that occurred only five days after the sale hearing. Despite the complexity of circumstances in this case, Hilco Real Estate showcased its deep understanding of receivership sales to implement a swift, effective, customized sales solution attracting sophisticated buyers through targeted national outreach.
Joel Schneider, senior vice president at Hilco Real Estate, stated, “This sale highlights the expertise of the Hilco Real Estate team and the platform we provide to our clients that allows us to effectively monetize any asset in any market condition. Our asset knowledge and experience in complex sales is part of what makes us an invaluable resource for all real estate disposition needs.”
Michael S. Polsky, Esq., the court-appointed receiver, added, “This property was the last remaining asset in the wind-down and liquidation of Advanced Pain Management, a chain of pain clinics. After multiple attempts to sell this facility failed, the Hilco Real Estate team designed and implemented a customized sales strategy that thoughtfully and meticulously guided the sale to a successful close in an abbreviated time. We are beyond pleased with the ultimate outcome.”
To learn more about the services HRE offers, 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
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