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Chicago Commercial Real Estate

STALKING HORSE!

A Chicago-area investor has been named the stalking horse bidder  in an auction organized by Hilco Real Estate  for a 700k SF, multi-tenant warehouse, distribution and production facility at 301–511 Pride Dr. in Hammond, La. The property is the fifth to be sold since the Wextrust estate was put into receivership in September 2008 under the guidance of Timothy Coleman. Frontline Real Estate Partners' Mitchell Khan  is Wextrust's chief restructuring officer. The sale process allows for “higher and better” sealed bids to be submitted for a period of 60 days, closing on July 15. The minimum bid  is set at $26M. The property has an assumable CMBS mortgage.

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