HILCO REAL ESTATE ANNOUNCES BANKRUPTCY SALE OF DEVELOPMENT LAND IN WEST VIRGINIA

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May 01, 2024, 09:00 ET

NORTHBROOK, Ill., May 1, 2024 /PRNewswire/ -- Hilco Real Estate, LLC, announces June 19, 2024 as the qualifying bid deadline for the Chapter 11 bankruptcy sale of two land sites slated for development, located in Clarksburg and Charleston, West Virginia. Both properties are unique in that they are two of the largest remaining development parcels left in the state, and neither has zoning restrictions, providing future developers with free reign for potential site plans.

The first site consists of 380± acres adjacent to the junction of U.S. Route 50 and Interstate 79, in Clarksburg, West Virginia. With 80,000± vehicles daily, the interchange is the second busiest in the state and provides incredible visibility for the property. The previous owner envisioned mixed-use plans for the site, including industrial, office, residential and retail. Of the nearly 400 acres available, fully 180± acres are developable, and 77± acres have already been leveled and are shovel ready. Plus, the site can have direct access points off of U.S. 50.

With its strategic location at the U.S. 50 and I-79 interchange, Clarksburg provides unparalleled accessibility and connectivity, attracting residents and companies alike. Relatively low unemployment and the presence of well-known government organizations including the FBI and the Department of Defense attract biometric contractor companies, making both Clarksburg and the surrounding Harrison County trailblazers in technological advancement throughout the state. The city is currently experiencing retail growth, with both New Pointe Plaza and Eastpointe Shopping Center both opening in the last few years, featuring national retailers like Walmart, Sams Club, Starbucks, Chick-Fil-A and Lowe's Home Improvement.

Located just outside Charleston, West Virginia, the second development site is 295± AC located at 124 Surface Drive. This is one of the largest remaining undeveloped parcels in the Charleston MSA and features 50 acres of land that have already been excavated, leveled and prepped for development. All utilities are available to the site and single-phase electric has already been installed. The parcel sits adjacent to the Interstate 79 and Interstate 77 interchange, as well, with excellent visibility from over 55,000 vehicles per day. With no zoning restrictions limiting possible site plans, the property is well-positioned to take advantage of West Virginia's capital city.

Nestled along the picturesque Kanawha River, Charleston provides an ideal environment for innovative development projects. The city's strategic location within the Appalachian region positions it as a hub for commerce and industry, providing investors and developers access to a diverse and growing market. The MSA is the most populous in the state, with a population of 190,129 as of 2021. Additionally, Charleston offers a supportive business environment and a range of incentives to encourage investment and growth. The city's economic development initiatives aim to attract new businesses and stimulate job creation, providing resources and assistance to help facilitate a wide range of projects.

Chet Evans, vice president at Hilco Real Estate, states, "These two exceptional development opportunities in Clarksburg and Charleston, West Virginia, represent the pinnacle of potential, offering very rare expansive land parcels in West Virginia without zoning restrictions. Both properties represent truly unique land sites located on coveted Interstate thoroughfares."

The sales of both the land at the junction of U.S. 50 and I-79 and 1 Surface Drive 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 19 at 5 p.m. (ET) and must be submitted on the Purchase and Sale Agreement available for review and download from 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] or Adam Zimmerman, MAI, at (847) 917-9323 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