Hilco Real Estate chose July 12 as the qualified bid deadline for the Chapter 11 bankruptcy sale of a turnkey ice-skating complex in Sherwood, OR. Located along the Southwest Pacific Highway 16 miles outside of Portland, OR, the facility draws demand and usage from the greater Portland market and beyond with regional team tournaments, figure skating events as well as public and private skating lessons scheduled regularly.
Built in 1999, the currently operating, 51,000 square-foot ice arena features a National Hockey League regulation-size sheet of ice, pro-shop, beer garden, weight room, grandstands and concessions. Between the retail space on the first floor and the offices on the second, the property has eight additional revenue-generating lease opportunities, which could generate a potential gross revenue of $823,000 (based on market evaluation). The site also has room for future expansion on its 4.53 acres.
The property is in the community of Sherwood, OR, in the southeast corner of Washington County in Oregon. Nestled in the Tualatin Valley, Sherwood’s median household income is $107,537 with 3.89% one-year growth.
This sale is being conducted by order of the U.S. Bankruptcy Court District of Oregon (Portland) and is subject to court approval. Qualified bids must be received on or before the deadline of July 12, 2023 at 5 p.m. (CT) and must be submitted on the approved purchase and sale agreement in compliance with the bankruptcy court-approved bid procedures available for review and download from Hilco Real Estate’s website.
“We believe this property adds significant value to the community and will continue to draw revenue and garner expanded interest from both local and regional winter sports enthusiasts,” Terry Rochford, senior vice president of business development at Hilco Real Estate, said. “Combined with the certainty of the bankruptcy sale process, this property is a compelling offering!”
“Considering the increasing demand for ice-skating facilities in the Portland MSA and the small number of competitive rinks, this property presents a unique opportunity to drive up revenue by optimizing scheduling and capitalizing on market demand,” Jeff Azuse, executive vice president at Hilco Real Estate, said.
Interested buyers should review the bid procedures for requirements in order to participate in the bankruptcy sale process available on Hilco Real Estate’s website.
