FORMER ST. MARGARET'S HEALTH HOSPITAL IN CENTRAL ILLINOIS HITS THE MARKET THROUGH BANKRUPTCY SALE WITH HILCO REAL ESTATE SALES

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 [email protected]

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. 

SOURCE Hilco Real Estate