Hilco Trading has launched a new business unit that will provide open-outcry and online real estate auction solutions for local, national and multi-national corporations, financial institutions, developers and others who need to sell real property and notes.
Real estate auction veterans Michael Fine and Alan Kravets formed Hilco Real Estate Auctions, which will provide buyers and sellers with transparent sale methodologies for conducting real estate transactions.
“We’ve combined high-touch, open-outcry auctions with technologically-advanced online auctions, and added extraordinary customization,” Fine said. “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,” Fine added. “Our high-touch approach even includes steps to ensure a smooth closing.”
Northbrook, Ill.-based Hilco Real Estate will continue to provide disposition brokerage services through sealed bid auctions and private treaty negotiated sales.
Over the years, Fine and Kravets, CEO and executive vice president, respectively, of HREA, have structured and conducted successful real estate auctions totaling over $6 billion for hundreds of companies, including Pritzker Realty, Conrail, BP oil, Amoco, as well as financial institutions such as The Northern Trust Company, Wells Fargo, Citicorp, and Bank of America-LaSalle.
The 25-year industry veterans have sold various asset types ranging from mega-mansions and private island homes to schools, libraries, hotels, corporate headquarters and large development sites.
“Every asset and every seller is unique, so maximizing the outcome of an auction requires a thoroughly customized program from beginning to end,” Kravets said. “HREA will meld high-touch customer service with advanced internet bidding technology. With our service, an auction will not be disrupted, thus no worries about completing a sale on time or having to reschedule a disrupted auction, which can be costly.”
