Hilco Real Estate, LLC announces December 17, 2019 as the bank-ordered online auction for a well-maintained banquet hall/special events facility in Gilmer, Texas, in the Longview area. This property offers significant potential for a variety of new commercial or residential uses.
This 5,244 SF brick and stone building was well built and has been meticulously maintained. The property features an expansive reception hall, two multi-service restrooms, offices, and a commercial-grade kitchen with ample storage areas. These desirable amenities make this property suitable for a variety of uses, such as a restaurant, funeral home, religious facility, medical office, entertainment venue, or private luxury estate. In addition to the interior amenities, the property includes abundant parking with 53 surface spaces, multiple outdoor patios, finished gazebos and a maintenance shed, as well as seven additional acres of land ideal for future expansion or other possible uses.
Located along a quiet stretch of State Highway 300, the property sits equidistance from Gilmer and Longview, TX. Gilmer is considered a quaint and charming city located in the heart of East Texas that has a lot to offer and captures the hearts of 100,000 locals and tourists every October through their annual four-day East Texas Yamboree, one of the oldest continuous festivals in Texas, according to Gilmer’s official website.
Roughly eight miles south along Highway 300 is Longview, Texas, home to 81,307 people and host of numerous regional events throughout the year. Additionally, world-class entertainment venues can be found in Longview’s Arts Cultural District, frequented by local residents and visitors alike.
Recently appraised for $700,000, this property will be sold subject to a minimum bid of just $300,000, making this bank-directed online auction an incredible opportunity for any investor or end-user.
Fernando Palacios, Managing Director for Hilco Real Estate, stated “It is immediately clear that significant money went into the construction of this building, from high-end fixtures and finishes to handsome millwork to gleaming hardwood floors…the replacement cost alone fast approaches one million dollars. The exterior surrounds are equally impressive, with expansive grounds set against a backdrop of towering trees, making this the perfect setting for a variety of special events…the possibilities are truly endless.”
Palacios continued, “When you consider the quality and condition of the property, the high-end amenities, and the serene setting together with a low minimum bid of just $300,000, you have a very compelling opportunity that is really second to none in all of eastern Texas. Somebody is going to get a great deal!”
The online auction is scheduled for Tuesday, December 17, 2019 at 9:00 a.m. with bidding concluding at 5:00 p.m. CT. Interested bidders must use Hilco Auctions to place their bids. For further information or to register to participate in the online auction, please contact Fernando Palacios at (877) 933-7779 or [email protected].
For further information on the property, an explanation of the sale process, sale terms or to obtain access to property due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.
About Hilco Real Estate
Hilco Real Estate (“HRE”), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the 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.