Chicago Illinois Real Estate Blog

Hilco Real Estate LLC co-founder Mitchell Kahn has left the Northbrook-based firm and has been replaced as CEO by Neil Aaronson, an executive at Hilco’s parent company.

Mr. Kahn, 48, has “decided to pursue opportunities outside the Hilco family of companies,” according to a Hilco statement. Co-founded by Mr. Kahn eight years ago, Hilco Real Estate specializes in handling real estate for distressed companies.

Hilco says in the statement that Mr. Kahn hasn’t yet announced a time frame for his future plans. The company says he will remain “actively involved” in several current engagements and in near-term property acquisitions.

A message left for Mr. Kahn was not returned.

The promotion of Mr. Aaronson, 35, was effective Dec. 1. He had been executive vice-president of Hilco Trading, the parent firm of Hilco Real Estate.

Mr. Aaronson joined Hilco Trading two years ago, and prior to that was senior vice-president of business development at Cendant Corp., the travel, leisure and real estate firm that in 2006 was broken into four parts including Avis Budget Group Inc.

Mr. Aaronson oversaw mergers and acquisitions within New York-based Cendant’s hotel and time-share businesses.

A Hilco spokesman says Mr. Aaronson was traveling and unavailable for comment. Hilco also promoted Gregory Apter, 42, from chief operating officer to president of Hilco Real Estate.

“We wish Mitch Kahn great success and thank him for his many years of service,” Hilco Trading President Michael Keefe says in the statement. “I am very enthusiastic about Hilco Real Estate’s new leadership team.”

Hilco Real Estate is one of 20 business units that comprise the Hilco Organization. Clients have included Chicago-based Bally Total Fitness Corp., which filed for bankruptcy last week. The firm also was recently marketing an Antioch development site on behalf of Neumann Homes Inc., which last year filed for bankruptcy.

Source: Chicago Real Estate Daily