Hilco Global purchased the steel processing facility located at the Lee Steel Corporation site in Romulus, MI. The deal which was approved in U.S. Bankruptcy Court in Detroit last week includes a 200,000 square foot plant and all of the steel processing equipment located at that site. The sale is expected to close in mid-September.

The acquisition of the assets at the former Lee Steel Romulus site is a joint venture between Hilco Real Estate and Hilco Industrial. “Hilco Global is planning to run an aggressive marketing and sale process to find a buyer for this state of the art steel processing complex following the mid-September closing,” said Ben Nortman, EVP of Hilco Global.

Since filing for Chapter 11 protection on April 13, 2015, Lee Steel continued to operate the business during the bankruptcy process. Huntington Bank provided debtor-in-possession financing while Huron Consulting Group has been managing the restructuring process and sale of all of the Lee Steel company assets.

Lee Steel had been processing and selling steel products since 1947, delivering a line of flat-rolled carbon steel products including hot rolled steel, cold rolled steel, hot dipped galvanized steel, electro-galvanized steel, aluminized steel, pre-painted and exposed coated products.

Steve Wolf, managing partner, Hilco Industrial said “This is an impressive, state of the art steel processing facility which makes it a very valuable asset.”

Robert Perez, EVP at Hilco Real Estate, indicated that the firm plans to seek buyers for the facility as a whole or in part. “Hilco is well suited to run a sale process that will include marketing the entire Romulus steel processing complex, vetting and evaluating all offers,” he said.

“Hilco has extensive experience in marketing industrial real estate and machinery and equipment with asset sales exceeding $1.4 billion worldwide in 2014.”