Hilco Real Estate Announces Online-Only Auction of 25± Commercial & 90± Residential Properties throughout New Orleans on Behalf of the New Orleans Redevelopment Authority
FOR IMMEDIATE RELEASE
Jul 28, 2022, NEW ORLEANS, LA. – As a follow-up to previous successful real estate auctions conducted by the New Orleans Redevelopment Authority (NORA), the agency will be conducting its next online-only auction sale of 25± commercial lots and 90± residential lots and structures located throughout New Orleans. Properties are subject to a minimum bid price of $4,000-$5,000 per property. For the commercial lots available, bidding for this online auction will commence at 8:00 a.m. (CT) on Monday, August 22, 2022, and conclude between 3:00 p.m. to 5:00 p.m. (CT) on Tuesday, August 23, 2022. For the residential offerings available, bidding for this online auction will commence at 8:00 a.m. (CT) on Wednesday, August 24, 2022, and conclude between 3:00 p.m. to 5:00 p.m. (CT) on Thursday, August 25, 2022. The auctioneer is Hilco Real Estate, LLC, in conjunction with licensed Louisiana broker and auctioneer Paul A. Lynn, CCIM.
“As with our previous auctions, we are continuing to receive hundreds of inquiries. We are excited to make available this next pool of properties through this online auction event. This is the first time we are able to offer commercial parcels as part of our ongoing auction program” said Brenda Breaux, NORA’s executive director. “During the previous auction events, home buyers and developers were able to establish their own purchase price through the competitive bidding process. Buyers felt they were able to obtain properties in various neighborhoods throughout New Orleans at fair prices. For this auction we will also be offering 25± Commercial sites,” stated Fernando Palacios, managing director with Hilco Real Estate.
The properties are being sold on an “as-is, where-is” basis. Winning bidders are required to complete rehabilitation or construction on the properties within 365 days from the date of closing for the residential sites and 545 days (18 months) from the date of closing for the commercial sites and keep such properties code compliant immediately after closing through completion of the rehabilitation or construction. Bidders for the residential sites may use the property for green space if their property is directly adjacent to the property acquired at the auction. There are four structures that will be open before the auction for inspection on Thursday, August 11, 2022. When inspecting the properties, prospective buyers should bring a flashlight and dress appropriately, anticipating a property that will not have any power and could be in poor physical condition.
Closing is required within 30 calendar days after the auction and financing will not be a contingency, so buyers will need to know they can close on their purchase within the required timeframe and have available pre-approval for their own personal financing. Buyers must obtain and maintain flood insurance, for any structures, as a condition of closing. There will be a virtual buyer’s seminar on Wednesday, August 10, 2022, at 6:00 p.m. Visit hilcorealestate.com/NORA for additional details to follow.
The terms and conditions set forth herein are for informational purposes only and shall not be deemed to be and are not intended to be a comprehensive or complete listing of the applicable terms and conditions. All potential buyers should read carefully the terms and conditions of the auction and sale set forth at www.hilcorealestate.com/NORA. The terms and conditions set forth at www.hilcorealestate.com/NORA shall govern and shall supersede any terms and conditions set forth herein.
About Hilco Real Estate:
Hilco Real Estate advises and executes strategies to help both healthy and distressed clients maximize the value of their real estate assets. HRE’s extensive property valuation knowledge, lease renegotiation experience and innovative sales strategies are leveraged by substantial access to capital, a vast network of tenants/landlords and motivated buyers/sellers. Services include real estate lease repositioning and advisory solutions; extensive real estate disposition services through an expert brokerage team as well as high-performance accelerated property auctions-live, online, sealed bid; a sale/leaseback advisory practice with unique deal structuring; and, real estate investments including acquisition deals for vacant, value-add, or stable income-producing properties as well as joint venture transactions. Hilco Real Estate is part of Northbrook, Illinois based Hilco Global, the world’s leading authority on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace. Hilco Global operates more than twenty specialized business units offering services that include asset valuation and appraisal, retail and industrial inventory acquisition and disposition, real estate, and strategic capital equity investments.
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