Hilco Real Estate Sets January 15 Offer Deadline for Pinnacle Athletic Club in Mishawaka, IN

NORTHBROOK, Ill., Oct. 30, 2014 (GLOBE NEWSWIRE) -- Hilco Real Estate, LLC (www.HilcoReal.com ) set the Call for Offers deadline to sell the fully-equipped Pinnacle Athletic Club along the busy retail corridor of Edison Road in Mishawaka, IN.

Currently operating as the Pinnacle Athletic Club and adjacent LifeBalance physical therapy, the properties are being offered together with a Call for Offers date of January 15, 2015.

The offering consists of a two-story, 35,776 square foot structure previously utilized as the Pinnacle Athletic Club, as well as a smaller 3,000 square foot multi-tenant office building set together on a total of 2.26 acres.  This property boasts outstanding visibility along Edison Road just east of Grape Street, offering approximately 300 feet of frontage, parking for 87 vehicles, two curb cuts for easy access and strong traffic counts.  Constructed in 1978, the health club features a basketball court, handball and racquetball courts, multiple exercise and weight rooms, locker room, whirlpool, sauna and shower facilities.  The property underwent a complete renovation in 2005, and then a minor renovation in 2011, including a full reconditioning of the silicon roof, new flashing, seven new Lenox HVAC units, new interior and exterior paint, new carpeting, new lockers, as well as a complete resealing of the parking lot. The current onsite fitness equipment is available together with the purchase of the property, or separately in bulk.

The next door single-story office building is currently designed to accommodate two tenants, the front portion currently leased to LifeBalance Physical Therapy, and the rear portion previously leased to a daycare facility.  This structure includes four washrooms, ample parking, a large fenced playground area and rear roll-up overhead door.  

While this offering stands as an excellent turnkey investment under its current use, it also represents an ideal redevelopment opportunity with flexible zoning, a strong consumer base and progressive local government.  The property is well-situated for re-purposing as a satellite campus for one of the many community hospitals to support the growing medical industry, including a multi-specialty center, medical office building, outpatient surgicenter, cardiac rehab or radiology clinic.  Alternative uses could also include a charter school, restaurant or other commercial use.

The deadline for submitting offers to Hilco is January 15, 2015 by 5:00 pm CT.  Offers must be submitted on Hilco's Purchase and Sale Agreement form together with certified or wired funds in the amount of $20,000 as earnest money and delivered to the offices of Hilco Real Estate, 5 Revere Drive, Suite 320, Northbrook, IL 60062, Attention: Steve Madura or via email to smadura@HilcoGlobal.com. Offers must be received prior to the expiration of the deadline.

Interested buyers can view the property by attending a scheduled on-site inspection.  Please contact Hilco at 855-755-2300 for specific dates and times.

South Bend, IN is an economic center and cultural hub of the region, encompassing a population of nearly 1 million.  The city is located just 90 minutes east of Chicago, less than an hour to the shores of Lake Michigan, and offers proximity to the South Bend International Airport, the second busiest airport in the State of Indiana.  The South Bend region is also home to five major universities including the University of Notre Dame, Saint Mary's College, Bethel College, Holy Cross College and IU South Bend, as well as two major hospitals, Memorial Hospital of South Bend and Saint Joseph Regional Medical Center in Mishawaka.  The area provides numerous opportunities to live, work and play.

Joel Schneider, Senior Vice President of Hilco Real Estate stated, "This sale is an exceptional opportunity for a user, developer or investor to purchase a turnkey operation that offers almost immediate proximity to all the area's newest retail developments.  Combine that with the ability/flexibility to own a prime redevelopment site just 3 miles from the Notre Dame campus, and you have an investment with great upside potential."  

Detailed due diligence material is available for the property in Hilco's virtual deal room. The deal room contains property specific information, an explanation of the sale process and the Terms of Sale. Reviewing the due diligence material is a requirement in order to submit an offer. Please contact Hilco at (855) 755-2300, or visit HilcoRealEstate.com for more information.

About Hilco Real Estate:  Hilco Real Estate, ("HRE") a unit of Hilco Global, is headquartered in Northbrook, Illinois (USA).  HRE is a national provider of accelerated real estate disposition services.  Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist both healthy and distressed clients to derive 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 deals.