NORTHBROOK, Ill., May 2, 2024 /PRNewswire/ -- Hilco Real Estate, LLC, announces June 6, 2024 as the qualifying bid deadline for the Chapter 11 bankruptcy sale of two industrial properties, located in Pennsylvania and West Virginia. Both properties are income-producing and stabilized with long-term tenants.
The first property, located outside Pittsburgh at 161 South Johnson Road in Houston, Pennsylvania, is a 15,000± SF, single-tenant facility situated on 6.7± acres. The building has 18'-20' ceilings, three dock-high doors, new double-pane windows and a new metal roof, completed in 2022. The single tenant, NPL Construction (a Centuri Company) a national multifaceted infrastructure group of companies, is in year five of a 13.5-year net leased contract. At $16/SF and a 2% annual base rent increase, the future owner of the property is ensured a steady income. Additionally, the tenant is required to complete a substantial building renovation, which will add new square footage and value to the property, with all project expenses covered by the tenant.
Situated directly off I-79 and proximate to U.S. 519, the property benefits from excellent connectivity to Pennsylvania, West Virginia and Ohio. Houston is just 20 miles southwest of Pittsburg, and proximity to the major economic hub provides access to a skilled workforce and a diverse array of business amenities and services. Houston's business-friendly environment, coupled with its robust infrastructure and utilities, offers essential elements necessary for efficient operations and growth.
The second property is in Clarksburg, West Virginia, at 339 Wilsonburg Road. This 86,912± SF, multi-tenant building is eight miles west of the second-busiest interchange in the state, the U.S. 50 and I-79 junction. Originally constructed in 1956, the property has been expanded and upgraded over the years, most recently in 2021. High ceilings range from 21' to 28', while 15 drive-in doors and eight dock-high doors support a wide range of logistical uses. The building is primarily owner-occupied by RLI Solutions, and the balance of the space is leased to two tenants. The building presents a fantastic opportunity for an investor or owner-operator to utilize the building while obtaining valuable existing cash flow.
Clarksburg sits in Harrison County and is ideally located at the intersection of U.S. Route 50 and Interstate 79 in West Virginia, positioning it midway between Pittsburgh, PA and Charleston, WV on I-79, and midway between Washington, D.C. and Cincinnati, OH on U.S. 50. Relatively low unemployment and the presence of well-known organizations like the FBI and the Department of Defense attract biometric contractor companies, making the county a trailblazer in technological advancement throughout the state.
Chet Evans, vice president at Hilco Real Estate, states, "I'm excited to emphasize the exceptional value of these prime properties. The property in Houston, Pennsylvania, offers solid creditworthy income with its long-term, NNN lease contract and strategic location off I-79. Similarly, the Clarksburg, West Virginia property presents an attractive investment or owner-user opportunity with its existing income stream and flexible floor plans.
The sales of both 161 South Johnson Road and 339 Wilsonburg Road are being conducted by Order of the U.S. Bankruptcy Court Western District of Pennsylvania (Pittsburg) Petition No. 22-21375-TPA | In re: RLI Solutions Company. Bids must be received on or before the deadline of June 6 at 5 p.m. (ET) All information for the sealed-bid auction in including the Terms of Sale can be found at Hilco Real Estate's website.
Interested buyers should review the requirements in order to participate in the bankruptcy sale process available on Hilco Real Estate's website. For further information, please contact Chet Evans at (847) 418-2702 or [email protected]
For further information on the property, sale process, and terms or to obtain access to due diligence documents, please visit HilcoRealEstateSales.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 and 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.
SOURCE Hilco Real Estate
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