×

HILCO REAL ESTATE, LLC SELLS $6.7 MILLION OF PROPERTIES IN A NO RESERVE, NO MINIMUM BID AUCTION ON BEHALF OF THE NEW ORLEANS REDEVELOPMENT AUTHORITY (NORA)

NORTHBROOK, Ill., Nov. 5, 2014 (GLOBE NEWSWIRE) -- On Saturday, October 25, 2014, the New Orleans Redevelopment Authority (NORA) held another successful sale of 130± structures and vacant lots, in its latest series of No Reserve, No Minimum Bid Auction events. All buyers walked out with fully executed contracts and all closings are scheduled to occur within 30 days. Hilco Real Estate, LLC and Steven Mathis acted as Auctioneer in conjunction with Louisiana Real Estate Broker Paul A. Lynn, CCIM. Over 500 people were in attendance at the New Orleans Ernest N. Morial Convention Center. This is a continuing series of No Reserve, No Minimum auctions conducted by Hilco Real Estate, LLC for properties owned by NORA, that were impacted by mid Hurricanes Katrina and Rita.

"These auctions are part of our continuing effort to place properties back into commerce throughout the City. The auctions serve as another tool in the on-going effort of rebuilding New Orleans and our neighborhoods," said Jeff Hebert, Executive Director of NORA.

"Hilco Real Estate is pleased to partner with NORA through these No Reserve, No Minimum Bid Auction programs; these auction events are a very effective, transparent process in finding today's true market value for this diverse group of properties" comments Paul A. Lynn, CCIM, Senior Managing Director with Hilco Real Estate, LLC and LA Real Estate Broker.

Hilco's auction team was led by Fernando Palacios, Managing Director and Broker for the Mid-Atlantic Region. Steven Mathis, Managing Director and LA Licensed Auctioneer, assembled a dynamic award winning auction day team. Hundreds of buyers competed for properties located throughout New Orleans; this auction included 90± structures that seemed to be in high demand for redevelopment. There was also great strength shown for development lots, particularly in the Filmore area. Auction participants included first time home owners, young buyers wishing to obtain their "dream home," developers, investors and many others interested in the ongoing efforts of rebuilding New Orleans. Buyers are required to build or rehabilitate the properties within 365 days, in accordance with all required building ordinances and codes. Additional auctions are planned throughout 2015, to be notified of future NORA auction events, register at www.hilcorealestate.com/nora or www.redevelop.nola.gov.

About Hilco Real Estate: Hilco Real Estate, ("HRE") a unit of Hilco Global (www.hilcoglobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of accelerated real estate disposition services for corporations, lenders, servicers, receivers, bankruptcy attorneys, estates, private owners, investment companies as well as local, state and federal government agencies. Acting as an agent or principal, HRE applies its vast experience to advise and execute strategies, helping 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 transactions.


CONTACT: Gary Epstein Hilco Global Office: 847-418-2712 Mobile: 847-323-4943 Email: gepstein@hilcoglobal.com

Source: Hilco Global