$4.68 Million Closing Price
$680K Over Minimum Bid
60 Days Total Marketing Period
Hilco Real Estate, LLC, (HRE) was chosen as part of a competitive process by the Subchapter V, Chapter 11 Bankruptcy Trustee, Robert Handler, to offer and sell a storied penthouse restaurant perched atop Lake Point Tower in downtown Chicago, Illinois. The property consisted of a 5,200± square foot penthouse unit, as well as four commercial spaces located on the building’s second floor totaling approximately 2,650± square feet.
The former tenant, Cité, a local high-end restaurant, filed for bankruptcy after calling Lake Point Tower home for more than 30 years. The pandemic took its toll, and the owner was unable to implement a reorganization plan as part of the bankruptcy. As such, all of the restaurant’s assets were slated for liquidation, including the owned real estate in Lake Point Tower.
The court-appointed Trustee and acting seller was uncertain of the ultimate recovery a sales process could yield. The minimum bid for the real estate was set at $4 million.
Robert Handler, Trustee for Cité, LLC
“As a Trustee, I have enjoyed a longstanding relationship with Hilco and see you as my go-to bankruptcy advisory firm. From your thoughtful initial strategy to your artful closing negotiations, the HRE team did an exceptional job implementing a two-pronged marketing approach that garnered interest from both residential and commercial buyers. The local media coverage the sale received exceeded my every expectation.”
With a closing price of $4.68 Million, HRE’s strategic sales process exceeded seller expectations.
HRE immediately implemented a two-pronged national marketing campaign, targeting both commercial and residential buyers, that garnered over 200 direct inquiries from across the country, 28 private tours with well-qualified groups and resulted in multiple offers. HRE then conducted a multi-phased competitive bid process in which the ultimate sale price of $4,680,000 exceeded the required minimum bid by 17%.
Chet Evans, vice president, said of the sale, “We are thrilled that the sale will allow Lake Point Tower to benefit from the potential value add of an incoming restaurant that will be putting money into the space, and more importantly, will represent a significant building amenity. Simultaneously, our strategic sale process allowed the seller to maximize the property’s value and minimize the time and costs that would be typical in a conventional Subchapter V, Chapter 11 Bankruptcy sale process.”
200 Direct Inquiries
28 Private Tours
Multiple Final Offers
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Hilco Real Estate (HRE)
assist clients monetize their assets, selling more than 200 million square feet of retail, industrial and office properties. With over 35 years of combined experience working alongside both lenders and investors in the sale and acquisition of every type of asset, our advisory team is an industry leader. We maximize property values in tight timeframes via auctions, note/loan sales, brokerage or potential repurposing solutions.
Passive liquidation management can lead to missed opportunities for substantial recoveries, especially during rocky economic circumstances. Don’t allow real estate assets to become liabilities – we can expedite transactions offering stable footing in this environment and ensuring unparalleled recovery opportunities.