Evergreen selling off McMinnville campus
Bankruptcy case continues Listed for $20 million, six buildings available for purchase
The Evergreen Internaional Airline campus in McMinnville is now for sale.
Including six buildings on Highway 18 across from the Evergreen Aviation & Space Museum, the portfolio is listed with CBRE for $23 million if purchased individually, $20 million as a package.
This move is followed by the sale of the office building on Adams Street last month for $500,000 to Stuart Lindquist with Lindquist Development Co. in Portland. The company also purchased a 7,667-square-foot space from Tualatin Valley Fire & Rescue in May.
The recent listing includes a 13,500 square-foot Learjet hangar and 2,500 square feet of office space. Five of the spaces are vacant after the company began selling off its planes and firing employees last year. One space is currently occupied by Erikson Air-Crane, which bought Evergreens helicopter division last year.
The company also sold $4.3 million of its assets May 30 to Jet Midwest Inc. The sale was approved by Judge Mary Walrath of the Delaware Bankruptcy Court where Evergreen filed for Chapter 7 bankruptcy Dec. 31. That sale was being disputed by numerous creditors seeking more than $500 million in debt. With the future sale of the remaining assets its unclear where the proceeds will end up. Among the creditors are Yamhill and Multnomah counties, which are owed $1.06 million and $4.6 million, respectively.
When you buy a home taxes have to paid, said Yamhill County Deputy Assessor Jeff Ivie. But because the company is in bankruptcy I dont know how that whole situation works.
Yamhill County Counsel Christian Boenisch was not available by press time to comment on how the sale would unfold with regard to payment to the county.
The property listing can be viewed at http://bit.ly/1kjja1k.