NORTHBROOK, Ill., Jan. 19, 2016 (GLOBE NEWSWIRE) -- Hilco Real Estate, LLC announces the online auction sale of a four-building office complex located in Glendale, WI on February 25, 2016 with a suggested opening bid of $750,000. The property is located along I-43, seven miles north of downtown Milwaukee and just a ½ mile north of Bayshore Town Center, a premier, partial open-air town center mall that boasts over 100 premium retailers. The buildings are partially leased and offer significant future income potential. Alternatively, the parcel represents an exceptional redevelopment opportunity ideal for a variety of uses.
Built in 1972, this office complex sits on 1.78 acres near the intersection of North Port Washington Road and West Bender Road. The four buildings comprise over 28,285 sq. ft. Zoned B-1 Business with an F2 overlay. The office park also provides ample parking, immediate access to transportation routes, and high visibility from I-43 with over 100,000 vehicles per day. Potential future uses include office, medical or retail, as well as potentially high density condo, rental, or senior housing.
The online auction event will be held on Thursday, February 25, 2016. Bidding will start at 9:00 AM Central Time and the auction will conclude at 3:00 PM Central Time.
Go to www.auctions.hilcoreal.com to review property information and obtain bidding instructions.
A close-in suburb of Milwaukee, the community of Glendale, WI has a population of nearly 13,000. Unlike other Milwaukee north shore suburbs, Glendale has a mix of industry and commercial uses in addition to residential areas. The southern areas of the city are comprised of industrial and higher density residential, while northern Glendale features more single family residential.
In recent years, Glendale has begun an ambitious campaign to attract business and grow its population. Major roads have undergone massive streetscaping projects, Bayshore Town Center has undergone a multimillion-dollar renovation and rebirth, and the Glendale Business Park continues to welcome high tech clients. Notable companies that call Glendale home include WH Brady, Florsheim Shoes, Johnson Controls, Sprecher Brewery and Kopps Frozen Custard, among others. In addition to Bayshore Town Center, the Port Washington Road sub-market includes a dynamic combination of local retail and office users, as well as Cardinal Stritch University located less than a mile north of the property.
Commenting on the sale, Joel Schneider, Senior Vice President of Hilco Real Estate, said, "The true opportunity lies in the fact that this asset is directly in the path of area development. Not only has Bayshore Town Center become a shopping destination and economic driver for the entire Milwaukee metro since its renovation, but now the City of Milwaukee has proposed widening I-43 to accommodate increased traffic. This property stands to benefit greatly from these neighboring investments. This property's prominent location with generous presentation and visibility from I-43 is unmatched."
Mr. Schneider added, "As such, we expect this auction to attract active interest from a broad spectrum of real estate investors, developers and regional end users looking to ride the wave of development sweeping over this area."
For more information about bid qualifications and further details about this or other properties available, please visit www.Auctions.HilcoReal.com or contact a member of our transactional team at 855-755-2300.
About Hilco Real Estate, LLC: Hilco Real Estate, LLC ("HRE"), a Hilco Global company, 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 and techniques, extensive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE consistently exceeds expectations.