HILCO REAL ESTATE ANNOUNCES COMPLETION OF AUSTIN AREA DEVELOPMENT LAND SALES ALONG I-35 IN GEORGETOWN, TEXAS
NORTHBROOK, Ill., April 7, 2022 /PRNewswire/ — In difficult market conditions at the height of the coronavirus pandemic, Hilco Real Estate, LLC (HRE) has successfully completed bankruptcy sales on eight of ten parcels in the 173± acres, known as Longhorn Junction (BK Case #19-10883, HRE on file 2020-01-13). The plots are located along I-35 just north of from Austin Central Business District in Georgetown, TX.
georgetown has become one of the ten fastest growing cities in the country with a booming population of over 76,000, a 57% increase from 2010, attracted to the region by a combination of affordable housing, low taxes and proximity to major employers like Dell, Apple, Tesla and Samsung. Longhorn Junction is conveniently located on the south side of georgetown, bordered on the east by FM-1460, on the west by I-35, and on the north by SE Inner Loop, which recently had the southwest bypass completed. The Bypass provides easy access to major area retail and attractions, including Round Rock Premium Outlets, Kalahari Resort Water Park and Dell Diamond sports stadium. Austin is also home to several important corporate headquarters as well as four universities, all of which contribute to its growing popularity.
The development suffered many setbacks throughout the bankruptcy process; including COVID-19, the filing of a second Chapter 11 petition, the strict timeline milestones set out in the court-approved bankruptcy plan as well as the need for an expert witness and testimony throughout. long from bankruptcy. Despite these various challenges, HRE exceeded expectations through the implementation of an efficient and personalized sales solution, its deep understanding of bankruptcy and its national outreach to knowledgeable and discerning buyers.
HRE aggressively marketed properties nationwide throughout the pandemic, resulting in 35 offers and the closure of more than $35,000,000 nowadays.
Jeff AzuseSenior Vice President at HRE, said, “This sale perfectly illustrates the strength of the Hilco Real Estate platform. This property had the unfortunate stigma of languishing on the market for some time with little activity. Combine that historic perception with two bankruptcies and a global pandemic and most would have thrown their hands up and gone. Instead, HRE rolled up its sleeves and got to work. Our national marketing campaign reached buyers from coast to coast, as well as groups in Canada, Mexico and beyond. So when developer confidence started to return, we were well positioned to take advantage of the recent upturn in the Austin Marlet.”
“By mid-2022, site preparation will begin on several of the recently closed parcels,” said Steve Madura, senior vice president at HRE. “Uses include a nationally recognized charter school, regional brewery with restaurant and music venue, state-of-the-art automotive repair facility, hotel, travel center and approximately 1,000,000 square feet of industrial buildings/ Class A logistics.” Madura continued, “Over the next few years, we estimate this development will bring over 1,000 quality jobs to the City of Georgetown.”
In light of these extraordinary efforts, HRE was awarded three additional sales and consulting assignments by this client.
To learn more about the services offered by HRE or for pending bankruptcy counseling, please visit Hilco Real Estate, LLC or call (855) 755-2300.
About Hilco Real Estate
Hilco Real Estate (“HRE”), a Hilco Global company (HilcoGlobal.com), has its headquarters at Northbrook, Ill. (UNITED STATES). HRE is a national provider of strategic real estate disposition services. Acting as agent or principal, HRE uses its experience to advise and execute strategies to help clients derive maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, an aggressive repositioning and restructuring experience, an extensive 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