NORTHBROOK, Ill., June 17,
2024 /PRNewswire/ -- Hilco Real Estate Sales
announces July 24, 2024, as the bid
deadline for the Chapter 11 bankruptcy sale of the former St.
Margaret's Health Hospital in Spring
Valley, Illinois.
Spanning 226,352± SF across five stories, the former hospital,
located at 600 East 1st Street, features state-of-the-art medical
facilities, including CT, x-ray, and MRI rooms, cardio and surgery
suites, OB/GYN delivery and recovery rooms, an ICU ward, a 19-bed
senior housing wing and a separate two-story medical office
building and administrative offices. The most recent addition to
the hospital campus was a 5,353± SF emergency room in 2015. Prior
to its closure in June of 2023, the facility was licensed for 44
beds as well as 19 senior housing beds. As the site undergoes
decommissioning and the sale of most personal property and
equipment progresses, it paves the way for the transformation of
this well-maintained facility into an alternative healthcare use or
other institutional or residential purpose.
Located within the Ottawa Micropolitan Statistical Area and the
larger Illinois Valley region, Spring
Valley benefits from strong transportation connectivity
through major highways like Interstate 80 and Interstate 39. These
connections provide direct access to neighboring cities such as
LaSalle, Peru, Ottawa
and Oglesby. Additionally, larger
cities like Chicago, Peoria, Rockford, and the Davenport-Moline-Rock
Island, IA-IL border are within easy reach.
Recent data from the U.S. Census Bureau reveals that the Ottawa-Peru
region houses over 70,000 workers with a significant emphasis on
healthcare, manufacturing, retail and educational services.
Similarly, Peoria, located
approximately an hour away, boasts a workforce of over 183,000
individuals, with healthcare and social assistance being the most
common employment sector at 18.2% and manufacturing, retail and
education following closely behind. With access to a diverse
employment network, repurposing this location provides the
potential for a seamless transition to accommodate the region's
growing healthcare industry or to support the community through new
uses such as educational/institutional, senior housing,
transitional or community living and other alternative uses. This,
combined with its strategic transportation infrastructure, allows
the former St. Margaret's Health Hospital to present an attractive
investment opportunity for developers and investors looking to
contribute to the revitalization of the Illinois Valley region.
Jamie Coté, vice president at Hilco Real Estate Sales,
emphasized the multitude of conversion options of this former
hospital. Coté stated, "The layout and infrastructure that this
building has in place should lend itself well for conversion into
similar healthcare or other institutional use. This may also create
jobs and stimulate economic growth in the region, as leveraging the
talent pool of this area will ensure high-quality workers are
available for whatever use becomes of the property."
The sale is being conducted by order of the U.S. Bankruptcy
Court for the Northern District of Illinois Eastern Division, in
the jointly administered chapter 11 cases (No. 23-11461) of St.
Margaret's Health – Spring Valley
and St. Margaret's Health – Peru.". Bids must be received on or before the
bid deadline of July 24 at
5:00 p.m. (CT) and must be
submitted on the Purchase and Sale Agreement available for review
and download from Hilco Real Estate Sale's website.
Interested bidders should review the requirements in order to
participate in the bankruptcy sale process available on Hilco
Real Estate Sale's website. For further information, please
contact Jamie Coté at (847) 418-2187 or
jcote@hilcoglobal.com
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 Sales
Successfully positioning
the real estate holdings within a company's portfolio is a material
component of establishing and maintaining a strong financial
foundation for long-term success. At Hilco Real Estate Sales (HRE),
a Hilco Global company (HilcoGlobal.com), we advise and execute
strategies to assist clients seeking to optimize their real estate
assets, improve cash flow, maximize asset value and minimize
liabilities and portfolio risk. We help clients traverse complex
transactions and transitions, coordinating with internal and
external networks and constituents to navigate ever-challenging
market environments.
The trusted, full-service HRE team has secured billions in value
for hundreds of clients over 20+ years. We are deeply experienced
in complex transactions including artful lease renegotiation,
multi-faceted sales structures, strategic asset management and
capital optimization. We understand the legal, financial, and real
estate components of the process, all of which are vital to a
successful outcome. HRE can help identify the most viable options
and direction for a company and its real estate portfolio,
delivering impressive results in every situation.
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SOURCE Hilco Real Estate