Fri, Apr 15, 2011
Sealed Bid Deadline Set For June 16 For Parcels In San Antonio,
TX and Martinsburg, WV
A sealed bid auction for two ground leased airport properties,
formerly operated by business jet manufacturer Emivest Aerospace
Corp., which filed for Chapter 11 bankruptcy protection in October
2010, was announced Wednesday by Hilco Real Estate and Counsel RB.
A bid deadline of June 16, 2011 has been set for both properties.
Prospective buyers may submit bids on one or both of the
assets.
“The location, remaining lease term, and extension options
on these assets makes them desirable for any company operating in
the aerospace and/or defense field,” said Roberto Perez,
Senior Vice President of Hilco Real Estate. He added, “These
are best of breed hangar, manufacturing warehouse, and office
properties. Each property can provide a company with a turn-key
solution for its space and operational requirements.”
Geoffrey S. Schnipper, Sr. Project Manager for Hilco Real
Estate, added, “This is a rare opportunity to assume the
remaining term and options of the ground leases. The annual rent
obligation associated with these leases is well below market and
cannot be replicated in today’s marketplace. Only in a
bankruptcy setting are these leases transferrable.”
Emivest SJ30
The offering consists of the following assets:
- Martinsburg, WV – Current lease runs through 2030 with
two 30-year renewals at a rate of $10,000 per year plus $1 per
usable acre. The property is 87,500 total SF, inclusive of 25,000
SF of finished office space and is expandable to 33 acres. The
remaining 67,500 SF is manufacturing/hangar space. The building was
constructed in 1998 and is equipped with cranes, 3,000 amp
electrical service, and 40’-45’ ceiling clear
height.
- San Antonio, TX – Current lease runs through 2016 with a
first right of refusal on 10 year extension. The annual lease rate
for the 127,407 SF is $100,000 per year. The property served as the
company’s corporate headquarters and final assembly plant for
the Emivest SJ30 business jet. Originally constructed to serve as
an MRO facility for Boeing 707 aircraft, the property can be used
for many aerospace/defense applications. The building features
heavy power, executive office space, expansion capability, and
46’-54’ ceiling clear height.
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