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Hilco Real Estate Completes $5.45 Million Sale of Properties for the New Orleans Redevelopment Authority (NORA) in No Reserve/ No Minimum Bid Auction

Apr 6, 2015, 17:23 PM by Ben Kaplan
Hilco Real Estates conducts another successful auction on behalf of NORA.

Hilco Real Estate, LLC sold an additional 136 properties on behalf of the New Orleans Redevelopment Authority (NORA) on March 28, 2015. The sale was another in a series of successful No Reserve, No Minimum Bid auction events and included 136 structures and developmental lots. All contracts were fully-executed at the conclusion of the auction and all closings are scheduled to occur within 30 days.  Hilco Real Estate, LLC and Steven Mathis acted as Auctioneer in conjunction with Louisiana Real Estate Broker Paul A. Lynn, CCIM. 

Over 400 people were in attendance at the New Orleans Ernest N. Morial Convention Center, where Hilco Real Estate, LLC auctioned properties owned by NORA that were impacted by Hurricanes Katrina and Rita. 

“These auctions are part of our continuing effort to place properties back into commerce throughout the City. The auctions serve as another tool in the ongoing effort of rebuilding New Orleans and our neighborhoods," said Jeff Hebert, Executive Director of NORA.

“Hilco Real Estate is pleased to continue to partner with NORA through these No Reserve, No Minimum Bid Auction programs; these auction events are a very effective, transparent process in finding today’s true market value for this diverse group of properties” comments Paul A. Lynn, CCIM, Senior Project Consultant with Hilco Real Estate, LLC and LA Real Estate Broker.

Hilco’s auction team was led by Fernando Palacios, Managing Director and Broker for the Mid-Atlantic Region. Steven Mathis, Managing Director and LA Licensed Auctioneer, assembled a dynamic award-winning auction day team.  Hundreds of buyers competed for properties located throughout New Orleans; this auction included 90± lots and 35± structures that are in high demand. Buyers are required to build or rehabilitate the properties within 365 days of closing, in accordance with all required building ordinances and codes.

Additional NORA auctions are planned throughout 2015. To be notified of future NORA auction events, register at www.hilcorealestate.com/nora or redevelop.nola.gov

Over the last 4 years, Fernando Palacios, Paul A. Lynn, CCIM and Steven Mathis, have auctioned over 1,000 properties, generating over $50 million in sales for various Public Housing Authorities and governmental agencies in multiple states.  

Additional Hilco-sponsored public agency and other auctions are scheduled throughout 2015.  To be notified of future Hilco auctions please sign up at http://www.hilcorealestate.com/contact-us/email-sign-up.

About Hilco Real Estate: Hilco Real Estate, ("HRE") a unit of Hilco Global (www.hilcoglobal.com), is headquartered in Northbrook, Illinois.  HRE is a national provider of accelerated real estate disposition services for corporations, lenders, servicers, receivers, bankruptcy attorneys, estates, private owners, investment companies as well as local, state and federal government agencies. Acting as an agent or principal, HRE applies its vast experience to advise and execute strategies, helping both healthy and distressed clients to derive 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.

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