HILCO REAL ESTATE SALES ANNOUNCES BANKRUPTCY SALE OF 812 LAND PARCELS LOCATED THROUGHOUT CHICAGO'S SOUTH AND WEST SIDES

NORTHBROOK, Ill., Jan. 9, 2025 /PRNewswire/ -- Hilco Real Estate Sales announces March 7, 2025, as the qualifying bid deadline for a portfolio of 812 land parcels located throughout the West and South Side neighborhoods of Chicago, Illinois. This offering provides buyers an opportunity to capitalize on one of the largest land sales in Chicago's recent history.

This once-in-a-lifetime acquisition opportunity provides buyers with the chance to purchase single sites, multiple plots or the portfolio in its entirety. Ideal for builders, investors and neighboring property owners, many of these development lots are set along iconic streets, including Lake Street, Pulaski Road, State Street, Ashland Avenue and LaSalle Street. The majority of these parcels measure the standard Chicago City lot of 25'x125' with the largest assemblage encompassing five adjacent addresses in the 5600 block of South State Street, making a total of 36,530± SF. Zoning varies between residential, commercial and industrial providing framework to support exciting mixed-use projects or housing developments.

Chicago's West and South Side neighborhoods are emerging as prime opportunities for investment, driven by affordability, strategic city initiatives and proximity to the city center and public transportation. These areas are transforming with increased infrastructure investments and a growing influx of businesses. Locational/geographic highlights include proximity to the United Center, Obama Library, Garfield Park Conservatory as well as immediate access to a variety of public transportation options, including the planned CTA Red Line extension. With historical charm and revitalization efforts driving growth, the West and South Sides are in position for transformative development, offering long-term potential for investors and enriching communities.

In recent years, Illinois has been proactive in addressing the need for affordable and accessible housing to meet growing demand. On December 11, 2024, Governor JB Pritzker signed an executive order launching a statewide effort enlisting multiple state agencies to explore how Illinois can accelerate plans to expand the supply and access of housing for working families. Additionally, as part of an ongoing commitment to lower housing costs, Governor Pritzker announced the return of SmartBuy a program providing direct monetary assistance to pay off student loan debt for those buying a home in Illinois. First launched in December 2020, within six months the SmartBuy program helped 631 individuals and families to purchase a new home in Illinois. Together, these actions seek to address the shortage of attainable homes for working families across the state, as well as overall housing shortages that affect renters and homebuyers alike.

The executive order creates an Illinois Director of Housing Solutions, who will add key capacity to the State and will lead the consideration of strategic planning for, and implementation of innovative housing solutions to combat the housing crisis and increase the number of attainable, middle-class homes and rental options across the state for working Illinoisans and their families. The Director will work in close consultation with the Illinois Housing Development Authority (IHDA), the Illinois Department of Commerce and Economic Opportunity (DCEO), and other state agencies.

Launched in 2019, INVEST South/West is another city of Chicago initiative that leverages $250 million in existing business development and infrastructure funding from the Department of Planning and Development (DPD) through programs to support improvement projects that align with local priorities in 10 target city neighborhoods.

Further, on December 16, tech giant, IBM, announced plans to establish a major presence within the Illinois Quantum and Microelectronics Park, or IQMP, on Chicago's South Side. With proximity to several neighborhoods where the 812 parcels are located, the state of Illinois has committed $700 million in tax incentives, grants and other financial support to attract more tech businesses like IBM to the Windy City. Speaking of IBM's plans to develop the Illinois-based facility known as the National Quantum Algorithm Center, CEO Arvind Krishna said he expects the company's overall investment in the facility to be in the "tens of millions or low hundreds of millions." Governor Pritzker added that, "Being at the forefront of this industry holds the potential to deliver long-term, broad-based economic prosperity for our people."

In line with these state and city assistance programs, Chicago's West and South Side real estate markets are poised for significant developments. These areas, previously overlooked, are seeing a surge in mixed-use and affordable housing projects. The city has committed significant resources to support and sustain revitalization of these areas. Buyers can learn more about these programs at www.ihdamortgage.org.

Stephen Madura, senior vice president at Hilco Real Estate Sales, stated, "The areas where many of these lots are located have historically been underserved. However, these neighborhoods are steeped in Chicago history and offer a rich sense of community, built on the backs of hardworking citizens that called these areas 'home' for generations."

Madura continued, "Now, it is time for these neighborhoods to rise from the ashes. Revitalization is at the door. Governor Pritzker has made the development of and access to affordable housing a hallmark of his agenda/time in office. This confluence of state supported economic and housing initiatives together with strong housing demand make the sale of these 812 land sites perfectly timed. Combine this timing with the transparency and certainty of the bankruptcy sale and the sheer volume of parcels available, and you truly have a once-in-a-lifetime acquisition opportunity for developers, investors and end users."

The sale is subject to Bankruptcy Court Approval of the United States Bankruptcy Court for the Northern District of Illinois Eastern Division Chapter 11 Case No.: 24-bk-15381 | B.A.S.S & M., Inc. Bids must be received on or before the deadline of March 7 at 5:00 p.m. (CT) and must be submitted on the Asset Purchase Agreement (APA) document available for review and download from Hilco Real Estate Sale's website. Qualified Bidders will be notified by March 12 by 12:00 p.m. (CT) with the auction scheduled for March 19 at 12:00 p.m. (CT), if necessary.

Interested bidders should review the requirements in order to participate in the bankruptcy sale process available on Hilco Real Estate Sales' website. For further information, please contact Stephen Madura at (847) 504-2478 or [email protected], Joel Schneider at (847) 436-7321 or [email protected], Michael Kneifel at (847) 201-2322 or [email protected] or Henry Nash at (847) 313-4796 or [email protected].

For further information on the property, sale process, and terms or to obtain access to due diligence documents, please visit SouthSideChicagoLotSales.com or call (855) 298-4989.

About Hilco Real Estate Sales 
Successfully positioning the real estate holdings within a company's portfolio is a material component of establishing and maintaining a strong financial foundation for long-term success. At Hilco Real Estate Sales (HRE), a Hilco Global company (HilcoGlobal.com), we advise and execute strategies to assist clients seeking to optimize their real estate assets, improve cash flow, maximize asset value and minimize liabilities and portfolio risk. We help clients traverse complex transactions and transitions, coordinating with internal and external networks and constituents to navigate ever-challenging market environments.

The trusted, full-service HRE team has secured billions in value for hundreds of clients over 20+ years. We are deeply experienced in complex transactions including artful lease renegotiation, multi-faceted sales structures, strategic asset management and capital optimization. We understand the legal, financial and real estate components of the process, all of which are vital to a successful outcome. HRE can help identify the most viable options and direction for a company and its real estate portfolio, delivering impressive results in every situation.

SOURCE Hilco Real Estate