$6.55 Million Closing Price
$725K Above Minimum Bid
30 Days Total Marketing Period
Chapter 11 Bankruptcy Case #21-42132-mxm11, In re: Chazar 410 Holdings, LLC
Amid shifting market conditions, Hilco Real Estate, LLC (“HRE”) successfully completed the Chapter 11 bankruptcy sale of 52± acres of prime interstate commercial and residential development land located on San Antonio’s south side (Bankruptcy Case #21-42132-mxm11, In re: Chazar 410 Holdings, LLC), ultimately closing for $6,550,000. The parcels sit along Loop 410 and S. Zarzamora Street, just south of San Antonio’s main business district and directly across from Texas A&M University – San Antonio.
HRE’s national bankruptcy team was engaged by the Chapter 11 Trustee, Robin Phelan, to assist in structuring a sale that would effectively maximize interest in and the value of the assets in a two-pronged approach. The first step was to secure a “Stalking Horse Bidder” at $5,735,000. The stalking horse bidder provided the needed backstop to protect the Trustee’s downside risk. Our team then conducted a well-publicized and heavily marketed sale of the assets. While no stranger to short timelines, we were retained by the bankruptcy court, structured and executed the sales process, and brought the deal to a closing in less than 90 days – a very truncated timeline.
With a closing price of $6.55 Million, HRE’s strategic sales process exceeded seller expectations.
HRE aggressively marketed the property nationally, resulting in 100+ direct inquiries, culminating in a competitive auction event that garnered a final closing price of $6,550,000 – well above the stated stalking horse minimum bid. Despite the complexity of the circumstances in this case, we exceeded seller expectations through our implementation of an effective, customized sales solution, our deep understanding of bankruptcy, and our national outreach to knowledgeable, sophisticated buyers. Our team was able to overcome an unpredictable market and consolidated sale timeline to achieve a 100% recovery to all secured and unsecured creditors involved with the bankruptcy case.
Nico Nesenoff, a managing director at HRE, stated, “Being able to come in and provide an effective solution for a bankruptcy Trustee and legal team who put their faith in our program, is what we believe separates us from other groups. It’s our knowledge of the bankruptcy code and experience in complex bankruptcy sales that makes us an invaluable tool in any case.”
Terry Rochford, senior vice president of business development at HRE, stated, “This sale perfectly illustrates the strength of the Hilco Real Estate platform to efficiently monetize virtually any asset type under virtually any market condition. This is due, in large part, to the experience and expertise of the HRE team. Our national marketing campaign reached commercial and residential developers and investors from coast to coast and leveraged our significant experience selling assets throughout the state of Texas. In the end, our team marketed, sold and closed the sale of the property in less than 90 days, all while maximizing the value – at Hilco Real Estate, we call this ‘Speed to Value’.”
100+ Direct Inquiries
35 Day Closing Period
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Hilco Real Estate (HRE)
HRE assists 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.