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Hilco Real Estate, LLC announces November 8, 2022 as the qualified bid deadline for the bankruptcy sale of 52± acres of development land located in a fast-growing region of San Antonio, Texas. The property will be sold subject to a court-approved stalking horse bid of $5,835,000.
Set along heavily-traveled Loop 410 with over 60,000 vehicles daily, this property offers both residential and commercial development opportunities in San Antonio’s up-and-coming southside. The commercial portion totals approximately 12.5 acres and offers high visibility and easy access with 3,600 feet of interstate frontage. The residential segment totals almost 40 acres, separated into two distinct parcels measuring approximately 16 acres and 23 acres, respectively.
The city of San Antonio is singularly-focused on this corridor as the next area for explosive growth, and, as such, has designated the region as a “Tax Incremental Reinvestment Zone” (TIRZ) and “Inner-City Reinvestment/Infill Policy” (ICRIP) area. The purpose of these incentives is to promote a vibrant mix of commercial, residential, educational and cultivate development within this portion of Loop 410. The incentives also provide large rebates that will significantly increase profitability for the property owner.
The property is proximate to VIDA, a new 600-acre, mixed-use development that will include 1,600 single family residential lots, 1,400 multifamily units, 1,000 student housing units and 1,000,000 square feet of commercial space. Just 20 minutes from downtown San Antonio and minutes from Texas A&M University – San Antonio (an estimated 6,000 students enrolled annually), Palo Alto College (an estimated 9,850 students enrolled annually), and the Toyota Motor Manufacturing Texas facility (an estimate 2,000 current employees), this corridor benefits from an ideal mix of retail consumers and residential tenants and is expected to grow significantly in the coming years.
According to the latest data from the U. S. Census Bureau, San Antonio was ranked as the fastest-growing U.S. city in terms of numeric population growth between 2021 and 2022 and the second from 1990 to 2000. San Antonio serves as the seat of Bexar County and the center of the San Antonio–New Braunfels metropolitan statistical area with a population exceeding an estimated 2.6 million as of 2021. Through a combination of affordable housing, low cost of living, proximity to major employers, rich cultural history/heritage, high safety rating and eclectic food scene, San Antonio provides an ideal backdrop to live, work and play.
The sale is being conducted by Order of the U.S. Bankruptcy Court Northern District of Texas (Ft. Worth), Bankruptcy Case #: 21-42132-mxm11, and is subject to a minimum stalking horse overbid of $5,835,000. Qualified bids must be received on or before the deadline of November 8, 2022 at 4:00 p.m. (CT) and must be submitted on the court-approved purchase agreement in compliance with the bankruptcy court approved bid procedures available for review and download from Hilco Real Estate’s website.
Steve Madura, senior vice president at Hilco Real Estate, stated, “These development parcels are located within one of the hottest markets in the nation and provide an incredible opportunity for a variety of developers to get in on the action.” He continued, “These sites represent large interstate development tracts with significant frontage along the sought-after Loop 410 corridor. They provide a variety of potential future uses together with city incentives – characteristics that should make this property very interesting to developers, investors and end users alike.”
Interested buyers should review the bid procedures for requirements in order to participate in the bankruptcy sale process available on Hilco Real Estate’s website. For further information, please contact Steve Madura at (847) 504-2478 or smadura@hilcoglobal.com or Michael Kneifel at 847-201-2322 or mkneifel@hilcoglobal.com.
For further information on the property, sale process and terms or to obtain access to due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.
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.
