Hilco Launches Business Unit to Provide Open Outcry and Online Real Estate Auction Services
Hilco Real Estate Auctions, LLC Is Headed By Industry Veterans Michael Fine and Alan Kravets
NORTHBROOK, Ill, May 15, 2012--Hilco Trading, LLC, a world leader in tangible and intangible asset monetization services, today announced the launch of Hilco Real Estate Auctions, LLC (“HREA”). URL: www.HilcoREAL.com. The new operating unit will provide open-outcry and online real estate auction solutions for local, national and multi-national corporations, financial institutions, developers and others needing to sell real property and notes. Hilco Real Estate, LLC, also a unit of Hilco Trading, will continue to provide disposition brokerage services through sealed bid auctions and private treaty negotiated sales.
HREA was formed by Hilco and real estate auction veterans Michael A. Fine, CCIM, CAI, AARE, and Alan R. Kravets, Esq. Mr. Fine, Chief Executive Officer and Principal, has earned a reputation over 25 years as one of the industry’s most knowledgeable and experienced real estate auction professionals. Mr. Kravets, Executive Vice President and Principal, also has more than 25 years as a real estate workout specialist and auction strategist.
“HREA is an auction-driven real estate marketplace,” said Mr. Fine. “We’ve combined high-touch, open-outcry auctions with technologically-advanced online auctions, and added extraordinary customization. HREA will provide buyers and sellers with unmatched expertise along with efficiently-managed and completely transparent sale methodologies for conducting real estate transactions." He added, “Our structured auctions are best-in-class for all categories of real estate. We can serve sellers in the United States, Canada, Mexico and the Caribbean. Buyers, of course, can come from anywhere on earth.”
Over the years, Mr. Fine and Mr. Kravets have structured and conducted successful real estate auctions totaling over $6 billion for hundreds of companies, including Pritzker Realty, Hartz Mountain Industries, Alcoa, Intrawest, Conrail, BP Oil, Amoco, American Skiing Company, and financial institutions including The Northern Trust Company, Wells Fargo, Citicorp and Bank of America-LaSalle. They have sold the broadest range of asset types, including mega-mansions, private island homes, gold mines, schools and libraries, hotels, corporate headquarters, ranches and large development sites.
Mr. Fine added, “What differentiates HREA from other real estate auction providers, beyond decades of experience across the broadest array of real estate asset types and the widest geography, is our high-touch service. We are the first online auction to deliver a level of service to our clients that had previously only been available in traditional auctions. It begins with an offering strategy to meet the seller’s objectives, then continues with an exhaustive marketing program to maximize the number of potential buyers and foster higher bid prices. Our high-touch approach even includes steps to ensure a smooth closing.”
Mr. Kravets said, “Every asset and every seller is unique, so maximizing the outcome of an auction requires a thoroughly customized program from beginning to end. HREA will successfully meld high-touch customer service with advanced internet bidding technology. Our auction site, for example, is hack-proof. There’s no chance of disrupting an auction, thus no worries about completing a sale on time or having to reschedule a disrupted auction, which can be costly.”
Jeffrey B. Hecktman, Chairman and CEO of Hilco Trading, said, “The launch of Hilco Real Estate Auctions alongside Hilco Real Estate advances our strategic goal of becoming the premier international provider of real estate disposition services.” He added, “We’ve assembled a remarkable team of real estate professionals, who probably know more about conducting online and open outcry auction transactions than anyone. Hilco Real Estate Auctions positions Hilco as the go-to service provider.”
Headquartered in Northbrook, Illinois (USA), Hilco is a privately-held, diversified financial and operational services firm whose principal competency is understanding and maximizing the value of business assets, including retail, consumer and industrial inventory, machinery and equipment, real estate, accounts receivable, intellectual property and going-concern enterprises. Through an integrated platform of more than 20 business units on five continents, Hilco helps companies and their professional advisors derive the maximum value for said assets through appraisals, asset disposition and acquisition services, private equity investment and consulting services. Hilco serves retailers, wholesalers, distributors, manufacturers, directly and through their lenders, investors and advisors, including private equity firms, hedge funds, investment banks, law firms, turnaround professionals, accounting professionals, bankruptcy trustees and receivers. Web: www.hilcotrading.com.
Hilco Trading, LLC
Richard L. Kaye, 847-418-2711
Executive Vice President