Hilco Real Estate Announces The Court-Ordered Bankruptcy Sale Of 25 Development Properties In Florida And Illinois
NORTHBROOK, Ill., Jan. 13, 2021 /PRNewswire/ — Hilco Real Estate, LLC announces the court-ordered bankruptcy sale of 25 development properties well located throughout Miami, Fla. and Crystal Lake, Ill. in high-demand areas. The development sites featured in this offering, more commonly known as the Metronomic Holdings, LLC portfolio, vary in construction status and property types such as mixed-use, multifamily, townhomes, student housing, luxury single-family homes and office. The properties are available for purchase individually, in any combination or in the portfolio’s entirety. Initial offers are due immediately and will be evaluated as a stalking horse bid.
The majority of the properties within the Metronomic Holdings, LLC portfolio are located in the highly sought-after Miami neighborhoods; five in Coconut Grove, 15 in Little Havana, and three in the Upper East Side, while the remaining two properties in the portfolio are located outside of Chicago in the city of Crystal Lake. The properties in Coconut Grove offer an attractive opportunity to enhance one of Miami’s oldest and favorite neighborhoods that features excellent schools, as well as a budding restaurant and arts scene, according to Business Insider. Furthermore, Little Havana offers the famed Calle Ocho strip, making it a popular tourist destination. In addition to some of the best bars and restaurants in Miami, as praised by Timeout, the community also hosts a great culture. The remaining three Florida properties are located in one of Dade County’s fastest growing neighborhoods: Miami’s Upper East Side.
This sale represents an opportunity for real estate developers and/or investors to purchase a variety of assets in a highly concentrated area, all of which are in prime locations. Varying in construction stages, these development sites present ideal value-add investment potential for buyers to adjust or complete structure plans to suit their final visions.
Jeff Azuse, senior vice president of business development at Hilco Real Estate, stated, “This is a fantastic opportunity to acquire prime development sites within some of Miami’s most desirable neighborhoods. With some of the properties just months from completion, these properties can be delivered to the market in a timely fashion.” He continued, “We’re excited to help turn a situation that didn’t meet original expectations into one that results in the completion of these projects and adds much needed housing to these historic Miami neighborhoods.”
Bidders will have the chance to fully inspect properties during predetermined tour dates coordinated by Hilco Real Estate.
Initial offers are due immediately For more information regarding the sale process, please contact Jonathan Cuticelli at (203) 561-8737 or via email to Jcuticelli@hilcoglobal.com.
For further information on the properties, an explanation of the sale process, bid procedures or to obtain access to property due diligence documents, please visit http://www.hilcorealestate.com/Metronomic 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.
Office: (847) 418-2712
Mobile: (847) 323-4943
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SOURCE Hilco Real Estate