Hilco Real Estate Sets Deadline for Remaining Wextrust Properties
Hilco Real Estate, LLC has announced a bid deadline of July 12, 2012 for the remaining properties in the portfolio of Wextrust Capital, the Chicago-based company charged by the Securities and Exchange Commission with having defrauded roughly 1,200 investors of an estimated $225 million in a Ponzi scheme.
The remaining real estate portfolio consists of 18 income-producing properties in Tennessee and Mississippi totaling more than one million square feet. The portfolio includes single tenant industrial buildings, several single tenant office buildings, and a flex-office campus.
Geoffrey S. Schnipper, VP of Hilco Real Estate, said, “With tenants such as Caterpillar and the State of Tennessee in strong markets like Nashville, the portfolio should be very attractive to value-add investors. Collectively, these properties generated a net operating income in excess of $4.5 million in 2011.” Describing the bidding process that will be run, Schnipper added, “Hilco has a long operational history with these assets. We have assembled packages of information that will enable buyers to conduct their diligence and act quickly. We are seeking offers from buyers interested in purchasing individual assets or the portfolio as a whole.
Properties included in the offering are: Myatt Holdings (Nashville, TN), TN Office Portfolio (state-wide), Corinth Industrial (Corinth, MS), Clarksville Industrial (Clarksville, TN), Park Village (Knoxville, TN), Workman Road (Knoxville, TN), Executive Plaza (Clarksville, TN).
Hilco Real Estate helps businesses improve leverage and cash flow by repositioning and restructuring their real estate commitments.