Amidst unprecedented market conditions due to the coronavirus pandemic, Hilco Real Estate, LLC (HRE) successfully advised its client in connection with an $18,100,000 bankruptcy sale of approximately 134± acres of vacant development land located at the southeast corner of East 64th Avenue and Piccadilly Road in Aurora, Colorado, just south of the Denver International Airport.
HRE'S client, Hilltop at DIA, LLC, purchased the acreage, dubbed "Avelon," with the intent of developing a master-planned community that would include hotels, commercial space, apartments, greenspace, and single-family residential lots. Due to various obstacles, ownership filed for Chapter 11 bankruptcy protection in June of 2021 (Bankruptcy Case #21-13309-tbm District of Colorado [Denver]. In RE Hilltop at DIA, LLC. HRE Order of Employment, October 6, 2021).
HRE exceeded expectations through the implementation of its customized sales solution, deep understanding of bankruptcy sales process, and its national outreach to knowledgeable, sophisticated buyers.
In just a 30-day period, HRE effectively marketed the property to a universe of buyers across the country, generated offers that included $250,000 of non-refundable earnest money from qualified buyers and conducted a competitive virtual auction that drove the price from a starting bid of $16,050,000 to a final high bid of $18,100,000. This ultimately led to the property sale closing days before the end of the 2021 calendar year. HRE's efforts resulted in 3,876 unique prospects, 110+ direct inquires and seven total offers received in the auction itself. Furthermore, with HRE's assistance, Hilltop at DIA, LLC was able to close the property sale transaction a mere 37 days following the auction.
HRE's Senior Vice President Stephen Madura stated, "The success of this auction showcases the bankruptcy expertise the HRE team delivers to its clients. Our team closed the transaction in a swift timeframe and exceeded the expectations of all constituents involved with this case."
To learn more about the services HRE offers or for advisory service for any ongoing bankruptcy, please visit HilcoRealEstate.com or call (855) 755-2300.
About Hilco Real Estate
Hilco Real Estate ("HRE"), a Hilco Global company (HilcoGlobal.com), 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 & 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.