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Fri, Apr 15, 2011

Two Emivest Aerospace Properties On The Auction Block

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.
FMI: www.hilcorealestate.com/airport

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