Six Evergreen properties listed for sale
CBRE, one of the largest commercial real estate companies in North America, has the properties priced individually at figures totaling $22.9 million. It is offering the entire package at a discounted price of $20 million.
Evergreen International Aviation and several subsidiaries — Evergreen International Airlines, Evergreen Aviation Ground Logistics Enterprise, Evergreen Trade, Evergreen Defense & Security Services, Evergreen Systems Logistics and Supertanker Services — filed for voluntary dissolution under Chapter 7 of the federal bankruptcy code Dec. 31 in Delaware.
Five of the properties have been vacated. The sixth is under lease to the Erickson Inc., which established a major presence in McMinnville last year with its $250 million purchase of Evergreen’s helicopter division.
Jody Christensen, executive director for the McMinnville Economic Development Partnership, said the listing represents a major opportunity for the community to recoup what was lost in Evergreen’s collapse. “When I think about these properties, this is an opportunity to bring in, potentially, a number of new industries to McMinnville,” she said.
In the nearly eight years she has headed MEDP, she said, this is the first time commercial-industrial properties of this size, type and location have been on the market.
“We have an opportunity to support new businesses, emerging businesses,” Christensen said. “There’s nothing like this in Oregon.”
Among the advantages, she said, are major highway and airport access in a city that features a renowned private college, a bustling community college campus, a widely recognized school district, a diverse manufacturing base and amenities that exemplify quality of life. She said the property has its own story to tell and promises to add another chapter to the vitality of the local economy.
The listing brochures describe the property as follows:
“This is an extraordinary opportunity to obtain a state-of-the art campus consisting of six on-tarmac properties for an exceptional price, on fee-simple land. The zoning is M-L Light Industrial, which allows for a wide range of industrial, office and commercial activities. Unlike other airport properties, the land is privately owned instead of leased from the airport, and accordingly, will not revert to the airport as commonly occurs with on-tarmac properties. The site is ideal for aircraft manufacturers and services centers, component manufacturers, airlines, aviation-related businesses, company headquarters and aviation enthusiasts. A sale of the site as a whole is preferred, although sales of the individual buildings will be considered.
“McMinnville is located less than one hour southwest of Portland, in the heart of the Willamette Valley’s wine country. The airport is situated on a 650-acre site three miles east of McMinnville with a lighted instrument landing system runway of 5,418 x 150 feet.
“Enjoy the tax benefits of locating your business in Oregon. Oregon does not have a general sales tax or a use/transaction tax, which provides significant savings for aircraft purchasers/owners and businesses alike.”
Individually, the properties range in price from $1.6 million for a 16,000-square-foot, four-bay Learjet hangar on 1.72 acres to $12 million for a 50,000-square-foot office-and hangar complex on 13 acres, which is under lease to Erickson.
The only building in the complex not for sale is the one at the far west end. It is listed under the ownership of Ventures Acquisition LLC, an Evergreen affiliate not party to the bankruptcy proceedings.
Christensen explained how MEDP plans to work in tandem with CBRE in seeking one or more buyers for the property.
“We’re the local representatives in that team,” she said. “They bring the expertise in the brokerage firm.
“These are premier sites,” Christensen said. “While most of the buildings have warehouse or hangar space, one is completely office space.
“These buildings have been beautifully maintained. They feel very move-in ready. They don’t feel dated.”
Christensen said the buildings feature a contemporary color palette, exposed wood and numerous windows to let in natural light. And she said, “The landscaping has great curb appeal.”
She said, “There was an aesthetic that was important to Evergreen. It was a way of doing business.” And she said that’s something to capitalize on in the marketing.
Christensen said the properties were stirring interest even before submission of the listing to the court for its approval. She had been contacted by six companies since the filing of the Chapter 7 petition in December.
“We take our role in marketing the community very seriously,” she said. “This is where we shine.”