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Hilco Real Estate Announces Bank-Directed Sale of 16 Bank Owned Assets

Jul 02, 2018

Hilco Real Estate, LLC announces the sale of a portfolio of 16 surplus bank branches, office buildings, and development land parcels on behalf of First Midwest Bank.

The assets included in this sale are located throughout the Chicagoland and Northwest Indiana areas.  Highlights include a premier, three-story office building totaling 24,000 SF, ideally set in the O’Hare submarket in River Grove, IL; a 5,300 SF former bank branch across from a Jewel-anchored shopping center in Orland Park; and a sizable 4.85 AC development site near the heart of downtown Crystal lake, just one block south of the Metra station. A comprehensive list of the 16 assets within this portfolio, including detailed property descriptions and due diligence information, is available for viewing and download from Hilco’s website www.HilcoRealEstate.com.

The deadline for submitting initial offers is scheduled for August 15th, 2018 by 5:00 pm Central Time, delivered to the offices of Hilco Real Estate, 5 Revere Drive, Suite 320, Northbrook, IL 60062, Attention: Steve Madura or via email to smadura@hilcoglobal.com.  All interested parties are invited to submit their highest and best offers on or before this date.  Buyers should note all former bank branch locations include a restriction prohibiting future use as a bank or competing financial institution for one year following the day of closing.   

Commenting on the portfolio of properties being sold, Jeff Azuse, Senior Vice President of Hilco Real Estate, said, “Over the past few years, Hilco has assisted First Midwest Bank and other local and regional banks streamline their real estate portfolios.  The assets within this portfolio represent a prime acquisition opportunity for the savvy buyer. Many of these sites are well-located within busy commercial districts boasting strong demographics. As such, we anticipate this sale to attract active interest from a broad spectrum of business owners, developers, investors and end-users.”

For more information about bid qualifications, terms of sale, further details about the properties available, or an explanation of the auction process, please visit Hilco’s real estate website www.HilcoRealEstate.com or contact a member of our transactional team at 855-755-2300.

 

About Hilco Real Estate, LLC:  Hilco Real Estate, LLC (“HRE”), a Hilco Global company, 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, extensive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE consistently exceeds expectations.