HILCO REAL ESTATE BROKERS SALE OF TWO WEXTRUST CAPITAL ASSETS
HILCO REAL ESTATE BROKERS SALE OF TWO WEXTRUST CAPITAL ASSETS
Properties in Knoxville, TN and Elmhurst, IL sold on behalf of Wextrust Court-Appointed Receiver
NORTHBROOK, lL (January 19, 2010) – Hilco Real Estate, LLC, working in concert with Badger Real Estate Advisors as Chief Restructuring Officer for the Wextrust Capital Receivership, successfully brokered the sale of two properties. The sales, which closed late in 2009, cover properties located in Knoxville, TN and Elmhurst, IL. Both assets are part of a larger portfolio of real estate currently being marketed for sale. In September, 2008, Wextrust executives were charged with fraud for operating a ponzi-like scheme. Since then, the company has been in receivership.
The Knoxville, TN property is a 142,500 square foot Flex/Office campus located at 6700 Baum Drive. The campus improvements include six buildings on approximately 11 acres of land. The property sold to a local investor for $8,800,000.
A 17,392 square foot mixed use retail and office building located at 116 N. York Road, Elmhurst, IL was also sold. The building, located in downtown Elmhurst attracted a number of interested parties due to its attractive location and in-place assumable CMBS debt. A local investor closed on the asset for $3,150,000 after successfully navigating the CMBS assumption process.
Geoffrey Schnipper and Andrew Becker of Hilco Real Estate, along with Chief Restructuring Officer, Mitch Kahn, of Badger Real Estate Advisors represented the Seller.
“We are extremely pleased to have closed these two sales for the benefit of the estate” said Mitch Kahn, CEO of Badger Real Estate Advisors. “The disposition of these assets and the ability of the buyer to assume the CMBS loan provides momentum for the remainder of the portfolio going into 2010.”
For more information on the remainder of the Wextrust Capital portfolio, please visit www.hilcorealestate.com/wextrust or call 847-313-4790. Additional information on the receivership can be found online at www.wextrustreceiver.com.
About Hilco Real Estate, LLC
Hilco Real Estate helps businesses improve leverage and cash flow by repositioning and restructuring their real estate commitments. The company’s focus is to optimize value in the shortest period of time. Core competencies include strategic advisory and consulting services, owned portfolio disposition, lease portfolio sales/assignments, lease termination, lease renegotiation, leasing/subleasing, sale of non-core owned assets, sale/leaseback transactions, and fee and appraisals for leased and owned assets. The company, which is headquartered in Northbrook, Ill, is a division of The Hilco Organization. For more information please visit www.hilcorealestate.com.
[ Go back < ]