NORTHBROOK, Ill., Oct. 1, 2014 (GLOBE NEWSWIRE) -- Local developer announces bid deadline for the sale of 6 income producing properties in Evansville, Indiana.
The portfolio consists of industrial, office, and multi-family/mixed-use trophy properties available individually or as an entire portfolio. Collectively, the offering is projected to generate over $3,800,000 of 2015 net operating income and presents a stable cash flow opportunity with additional upside potential in an improving secondary market.
The properties in the portfolio include:
1) Park 41 – formerly the Whirlpool Building, is a 1,019,397 square foot multi-tenant industrial building located just north of downtown Evansville on Highway 41. The approximately 90% occupied facility is less than 20 miles south on Highway 41 from Toyota Motor Manufacturing Indiana's Princeton complex.
2) Walker Building – repurposed from a hospital to a multi-tenant office building, this approximately 200,000 square foot building is currently 83% leased. Located on the edge of the central business district ("CBD"), this property is adjacent to the future site of the IU Medical School's Evansville campus.
3) Hulman Building – 10- story historic art deco multi-tenant office building located in the heart of the CBD, this nearly 70,000 square foot building is 70% leased. Additional features include ¾ of a city block for both surface and covered parking for over 170 vehicles.
4) Court Building – formerly a furniture showroom located in the CBD, this multi-tenant office building has a diverse list of small to midsize tenants occupying over 77% of the 43,558 square foot, 7-story building.
5) Fendrich Plaza – located just outside the CBD adjacent to the Lloyd Expressway, this approximately 34,182 square foot single-story building is 100% leased to two tenants. The property also has sufficient amounts of parking with a total lot size over two acres.
6) Kunkel Square – formerly known as the Hillard-Lyons Building, this former office building was converted into a 50-unit multi-family complex with ground floor retail. The building is currently 86% leased with balanced mix of 2R/2BA and 1 BR/1BA units.
After years of rehabbing and attracting tenants to each building, combined with the current market activity in the CBD, these once forgotten assets are in a great position to be a long-term investment for any buyer. The recent revival of the CBD was boosted by the announcement in early 2014 that Indiana University Medical School will build their next campus in the heart of the city's business district. The project's imminent local presence is leading a resurgence of the downtown marketplace and is expected to generate an annual economic impact of over $340 million by 2020. Projected to be completed in late 2017, the nearly $90 million medical school campus will house programs from the IU School of Medicine and IU School of Dentistry as well as Ivy Tech Community College, University of Southern Indiana, and the University of Evansville.
Hilco Real Estate is currently marketing all six properties for sale and will be accepting offers on or before the October 15th deadline. For additional more information, please visit www.hilcorealestate.com/evansville or feel free to contact a member of the Hilco transactional team at (847) 849-2939 with any questions or to schedule a tour.
Bids are due on or before 5:00pm CST, October 15, 2014.
About Hilco Real Estate: Hilco Real Estate ("HRE"), a unit of Hilco Global, is headquartered in Northbrook, Illinois (USA). HRE is a national provider of accelerated real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist both healthy and distressed clients to derive maximum value from their real estate assets. By leveraging multi-faceted sales strategies & techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex deals.
CONTACT: Gary Epstein Hilco Global Office: 847-418-2712 Mobile: 847-323-4943 Email: firstname.lastname@example.org
Source: Hilco Global