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News ArticleHILCO REAL ESTATE BROKERS OWATONNA, MINNESOTA, LAND SALE FOR CABELA’S
82 Acres Sold via Sealed Bid Sale
NORTHBROOK, lL (March 1, 2010) – Hilco Real Estate, LLC has brokered the sale of 82 acres of excess land surrounding the Cabela’s store in Owatonna, MN. The land was part of a larger parcel purchased by Cabela’s in 1997. In August, 1998, the company opened a 162,000 SF retail store and, since then, numerous smaller parcels have been sold to retail, restaurant, hotel, and gas station operators. This 82 acre sale represents virtually all remaining excess land surrounding the original store.
Hilco Real Estate established a sealed bid deadline in December, 2009, and closed the sale in February, 2010. “We implemented a process and marketing strategy to identify all prospective buyers in the marketplace and were able to field multiple offers from multiple buyers,” said Geoffrey Schnipper, Sr. Project Manager for Hilco Real Estate. “We are pleased the process worked and were able to assist Cabela’s in divesting the excess land it had owned for over a decade,” Mr. Schnipper continued.
Hilco continues to market a 96+ acre tract of land for Cabela’s, located along Interstate 65 in Greenwood, Indiana, just south of Indianapolis. The site was purchased by Cabela’s with the intention of opening a new store, however in July, 2009, the company announced it would not move ahead with the project. Prior to the decision, Cabela’s had made a substantial investment in site improvements.
For more information on the this and other Cabela’s assets being marketed by Hilco, please visit www.hilcorealestate.com/cabelas or call 847-313-4790.
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