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Hilco Real Estate Announces Sale of Retail Properties in Southern Texas

Dec 14, 2018

Hilco Real Estate, LLC, announces the sale of two prime retail properties located in McAllen & Corpus Christi, Texas, scheduled for January 23, 2019.

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The property in McAllen, Texas, is located at 1324 West U.S. Expressway 83 and sits alongside the expressway just across from La Plaza Mall and west of the Shops of Solano. This 14,500-square-foot retail building is situated on a 3.78-acre parcel and maintains strong visibility from passing traffic along U.S. Expressway 83. Major nearby retailers include Big Lots, Old Navy, and Men’s Warehouse. This parcel has tremendous redevelopment potential and can be purchased in two separate parcels.

The property at 5141 Oakhurst Drive in Corpus Christi, Texas, features a 13,800-square-foot retail building on a 1.54-acre parcel just south of busy South Padre Island Drive. The immediate surroundings are shared by major hotel brands such as Holiday Inn Express, Staybridge Suites, and Courtyard by Marriott, as well as a number of local and national restaurants and retailers. The property previously served as a restaurant/bar and still features a full commercial kitchen.

Commenting on the properties being sold, Jeff Azuse, Senior Vice President of Hilco Real Estate, said, “The McAllen, Texas, property is an exceptionally well-located parcel experiencing almost perfect visibility from 113,000 vehicles each day traveling along U.S. Expressway 83. This parcel is an extremely rare opportunity as the subject parcel has an abundance of developable space and is located within a matured retail area. Any buyer looking within the McAllen area will find this property to hold tremendous upside potential for a variety of uses.”

Azuse added, “The Corpus Christi, Texas, property offers a wide range of future uses for anyone looking to join the thriving community of Corpus Christi. Given the existing kitchen and open floor plan design, this property has incredible restaurant redevelopment potential. If a restaurant is not of interest, the strong surrounding population demographics would easily support a retail development to serve both local and visiting patrons.”

Over the past years, Hilco has helped diverse commercial, industrial, and office owners streamline the disposition of their assets through an accelerated date-certain sales process. These types of sales continue to grow as one of the leading disposition strategies for motivated sellers due to their swift timeframe, transparency, and surety of closing. In this industry, Hilco is a leader.”

Further due diligence information for both properties is available for viewing and download at Hilco’s website (HilcoRealEstate.com).

 

Submitting offers for McAllen, TX | Offer Deadline: Wednesday, January 23

To submit an offer for the McAllen, Texas, property, please submit to the offices of Hilco Real Estate, 5 Revere Drive, Suite 320, Northbrook, IL 60062, Attention: Jeff Azuse or via email to jazuse@hilcoglobal.com. All interested parties are invited to submit their highest and best offers on or before this date.

 

Online Auction for Corpus Christi, TX | Online Auction: Wednesday, January 23

To participate in the online auction for the Corpus Christi, Texas, property, please view auctions.hilcoreal.com where you create an account, view the due diligence documents, and register to bid in the auction.

 

For more information about bid qualifications, Terms of Sale, further details about the properties available, or an explanation of the bid process, please visit Hilco’s website (HilcoRealEstate.com) or contact a member of our transactions team at 855-755-2300.

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