'Three Realistic Parties' Express Interest In Buying Evergreen Property

Aug. 20, 2014
The six buildings and the underlying 40 acres are listed together at $20 million, making the parcel the most valuable tangible asset remaining in the Evergreen estate.

Aug. 19--A broker for CBRE, the real estate brokerage that's marketing the real estate of the bankrupt Evergreen International Aviation, said "we're expecting" an offer for the entire, six-building complex adjacent to the McMinnville municipal airport.

"We've had three realistic parties" express interest in buying the entire facility, said Cory Lowe, one of the three CBRE brokers handling inquiries.

The six buildings and the underlying 40 acres are listed together at $20 million, making the parcel the most valuable tangible asset remaining in the Evergreen estate. Unlike many properties adjacent to airports, Evergreen owned, not leased, its real estate.

See the CBRE flyer for the Evergreen property: Evergreen_Properties.pdf

Creditors are contending for the assets of Evergreen International, which is being unwound in federal bankruptcy court in Delaware. The company filed a petition to dissolve itself on Dec. 31.

The bankruptcy case does not include the non-profit aviation museum and associated properties across Oregon Route 18 from the airport.

Evergreen founder and former chairman Del Smith continues to own a single small building on the western edge of the property, Lowe said. He said the brokers have had some contact with him on real estate issues, and have a good relationship with him and his team.

"I think it's definitely been tough for him," Lowe said.

-- Mike Francis

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