Hilco Real Estate Announces Successful Chapter 11 §363 Bankruptcy Sale of Flex Industrial Warehouse in Fort Worth, Texas
NORTHBROOK, ILL. (April 2023) – Hilco Real Estate, LLC (HRE) has successfully completed the Chapter 11 §363 Bankruptcy sale of a 50,000± square foot, flex warehouse on 13.72± acres located in Fort Worth, Texas, scheduled Bankruptcy Petition #: 22-42618-ELM11, In re: MKS Real Estate, LLC. The sale ultimately closed for $11,800,000 to TKG Management, Inc., a Columbia, Missouri-based privately held real estate development, investment, and property management firm.
Hilco Real Estate’s national bankruptcy team worked along with the debtor in possession to effectively structure an accelerated sale designed to maximize the interest in and the value of the assets through a competitive bid process. While no stranger to short timelines, the HRE team aggressively marketed the property nationally during a five-week period, navigating complex circumstances while focusing on bringing speed-to-value. The sale process resulted in multiple competitive offers from strong buyer groups allowing HRE’s client to go under contract over three weeks before the originally-scheduled bid deadline, and close just 20 days thereafter, surpassing all debtor and creditor expectations.
Ben Zaslav, director of business development at Hilco Real Estate, stated, “Our team’s knowledge of the bankruptcy code and real estate sales provides our bankruptcy clients with the best chance to maximize the value of their commercial real estate assets. Providing effective, actionable solutions and speed-to-value, is in part, what sets Hilco Real Estate above its competition.”
Steve Madura, senior vice president at Hilco Real Estate, stated, “Whether as a commercial investment or end-user opportunity, this sale was perfectly set to leverage Fort Worth’s booming economic growth and current activity, regardless of the unpredictable market rates seen throughout the country.” He continued, “Ultimately, this sale provided the debtor with the ability to pay all creditors in full, and afforded the buyer an incredible opportunity to further cement their footprint in this area and expand their business operations. We consider this a win-win for all.”
To learn more about Hilco Real Estate or our advisory services for an ongoing bankruptcy, please visit HilcoRealEstate.com or call (855) 755-2300.
About Hilco Real Estate
Hilco Real Estate (“HRE”), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies & techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.