HAMMOND, LA-A Chicago-area investor has been named the stalking horse bidder for a 700,000-square-foot industrial facility in receivership.
The 1980s-era property, located at 301-511 Pride Dr., is part of a portfolio previously owned by Wextrust Capital. In September 2008, Wextrust executives were charged with fraud for operating a Ponzi-like scheme. Since then, the company and its assets have been in receivership.
Although a stalking horse contract has been executed, the sale process being conducted by Northbrook, IL-based Hilco Real Estate allows for “higher and better” offers to be submitted by sealed-bid auction for a period of 60 days, according to Geoffrey Schnipper of Hilco Real Estate.
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