Hilco Trading announced the launch of Hilco Real Estate Auctions (HREA) to provide open-outcry and online real estate auction solutions for local, national and multi-national corporations, financial institutions, developers and others needing to sell real property and notes. Hilco Real Estate, also a unit of Hilco Trading, will continue to provide disposition brokerage services through sealed bid auctions and private treaty negotiated sales.
HREA was formed by Hilco and real estate auction veterans Michael A. Fine, CCIM, CAI, AARE, and Alan R. Kravets, Esq. Fine, who serves as chief executive officer and principal, has earned a reputation over 25 years as one of the industry’s most knowledgeable and experienced real estate auction professionals. Kravets, executive vice president and principal, also has more than 25 years as a real estate workout specialist and auction strategist.
“HREA is an auction-driven real estate marketplace,” said Fine. “We’ve combined high-touch, open-outcry auctions with technologically-advanced online auctions, and added extraordinary customization.
Over the years, Fine and Kravets have structured and conducted successful real estate auctions totaling over $6 billion for hundreds of companies, including Pritzker Realty, Hartz Mountain Industries, Alcoa, Intrawest, Conrail, BP Oil, Amoco, American Skiing Company, and financial institutions including The Northern Trust Company, Wells Fargo, Citicorp and Bank of America-LaSalle. They have sold a broad range of asset types, including mega-mansions, private island homes, gold mines, schools and libraries, hotels, corporate headquarters, ranches and large development sites.
Fine noted, “What differentiates HREA from other real estate auction providers, beyond decades of experience across the broadest array of real estate asset types and the widest geography, is our high-touch service. We are the first online auction to deliver a level of service to our clients that had previously only been available in traditional auctions. It begins with an offering strategy to meet the seller’s objectives, then continues with an exhaustive marketing program to maximize the number of potential buyers and foster higher bid prices. Our high-touch approach even includes steps to ensure a smooth closing.”
Kravets said, “Every asset and every seller is unique, so maximizing the outcome of an auction requires a thoroughly customized program from beginning to end. HREA will successfully meld high-touch customer service with advanced internet bidding technology. Our auction site, for example, is hack-proof. There’s no chance of disrupting an auction, thus no worries about completing a sale on time or having to reschedule a disrupted auction, which can be costly.”
Jeffrey B. Hecktman, chairman and CEO of Hilco Trading, said, “The launch of Hilco Real Estate Auctions alongside Hilco Real Estate advances our strategic goal of becoming the premier international provider of real estate disposition services.”