Hilco Real Estate Completes Austin-Area Development Land Sales

Hilco Real Estate (HRE) has completed bankruptcy sales on eight of ten tracts within the 173± acre prime interstate development, known as Longhorn Junction. The parcels sit along I-35, just north of Austin’s Central Business District in Georgetown, TX.

The eventual sale was proceeded by numerous setbacks throughout the bankruptcy process; including COVID-19, the filing of a second Chapter 11 Petition, the strict calendar milestones set within the court-approved bankruptcy plan as well as the need for expert witness and testimony throughout the bankruptcy.

 “This property had the unfortunate stigma of languishing on the market for some time with little activity. Combine this historic perception with two bankruptcies and a global pandemic and most would have thrown their hands up and walked away. Our national marketing campaign reached buyers from coast to coast, as well as groups in Canada, Mexico and beyond. So, when developer confidence started to come back, we were well positioned to leverage the recent upswing in the Austin market,” said Jeff Azuse, senior vice president of Illinois-based HRE.