Bank Unloads 75-Acre Food Processing Complex, 80 Acres of Farm Land

WOODBURN, OR-A 75-acre food processing complex here and 80-acres of adjacent agricultural land is under new ownership this week following its sale to JLR LLC, an entity that includes Larry Bruce, owner of Bruce Packing Co., which will be leasing all or part of the purchased property, according to title documents filed with Marion County.

The property address is 101 Birds Eye Ave. The seller is agribusiness lender CoBank ACB, which assumed control of the property in October 2001 in trade for reducing its secured claim in the bankruptcy estate of PF Acquisition II Inc.

The purchase price was left off title documents provided by Oregon Title Insurance Co. and Marion County because of a loophole in the state’s recording law (ORS 93.030) that allows the price to be omitted if the buyer’s payment includes “property or value given other than money.”