The Hilco Global Real Estate Practice, in cooperation with Province LLC, has announced a June 26 deadline for qualified bids on the real estate of Hawthorne Race Course, the historic horse racing venue located 10 miles from downtown Chicago.
The auction is being conducted as part of the Chapter 11 restructuring proceedings for the racetrack, which was founded in 1891 and is still conducting thoroughbred racing. The 108-acre property includes 1.12 million square feet of buildings, a grandstand and clubhouse encompassing nearly 365,000 square feet, and more than 760,000 square feet of barns, residential and ancillary structures, and facilities capable of accommodating more than 2,100 horses.
The property is being marketed concurrently as a going-concern, with two integrated casino and racing development and licensing opportunities, as well as a prime industrial infill redevelopment sale potential based on its scale and access to Chicago’s main multimodal transportation networks.
“The Chapter 11 process creates a unique opportunity for qualified buyers to acquire an iconic regional asset through a court-supervised transaction structure designed to maximize value and provide execution certainty,” said Adam Rosen, partner at Province LLC. “Hawthorne combines a long-standing operating platform with valuable gaming entitlements and substantial real estate optionality, creating multiple paths for future investment and redevelopment.”
“Whether as an ongoing race course and casino or as an industrial redevelopment, few properties in the Chicagoland market combine Hawthorne’s name recognition, scale, location and future potential,” added Steve Madura, managing director of operations at Hilco Global. “With exceptional multi-modal logistics connectivity and strong surrounding market fundamentals, Hawthorne represents a truly rare opportunity to reimagine a landmark asset for its next chapter. Regardless of its future use, this sale is a once-in-a-generation chance to shape one of the region’s most distinctive properties.”
Photo courtesy of Hawthorne Race Course
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