Evergreen complex getting lots of looks
Several parties have expressed interest in Evergreen International Aviation's McMinnville campus, and other parties are looking at one or the other of the six component structures currently up for sale, according to Ted Nicholson, special properties group broker for CBRE. But he said no deals appear imminent at this point.
The McMinnville-based aviation company, which is chartered in Delaware, filed last year for dissolution under Chapter 7 of federal bankruptcy code. Delaware's U.S. District Court awarded the listing for the local real estate, valued at $20 million, to CBRE.
The properties are being offered both as a package deal and on an individual basis. Individually, asking prices range from $1.6 million for a 16,000-square-foot, four-bay Learjet hanger on 1.72 acres to $12 million for a 50,000-square-foot office and hanger complex on 13 acres.
The latter is currently under lease to Portland-based Erickson Inc., an international aviation company that purchased Evergreen's helicopter division for $250 million prior to the bankruptcy. The rest have been vacated.
A seventh building, situated at the south end of the campus, remains under separate ownership. The six now on the market feature more than 150,000 square feet of office, warehouse and hangar space on 40 acres with direct access to McMinnville Municipal Airport.
Joining their parent company in the bankruptcy filing were several subsidiaries, including Evergreen International Airlines, Evergreen Aviation Ground Logistics Enterprise, Evergreen Trade, Evergreen Defense & Security Services, Evergreen Systems Logistics and Supertanker Services. Subsidiaries not subject to the Dec. 31 filing including Evergreen Agricultural Enterprises, Evergreen Vintage Aircraft, Evergreen Holdings, Evergreen Ventures, Ventures Holding and Evergreen Aircraft Sales and Leasing.
Nicholson, who is working with Cory Lowe in marketing the complex, said he has been very impressed with the cooperation he's been getting from local officials. He said that could prove especially helpful if the properties have to be separated for sale to different buyers.
"Everybody shows up at the meetings who needs to show up," he said.
The property is zoned light industrial, which makes it attractive to a varied clientèle. He said being available for outright purchase is also a major plus, as most land with direct airport access is subject to negotiation of lease terms with government agencies.