In what is being called the largest real estate sale in the history of the transportation industry, the Vancouver, WA-based company is in the process of selling 220 properties with an appraised value of more than $400 million. To date, 68 CF properties throughout the United States have been sold for $176 million. The listing broker is Transportation Property Corporation.
Next week, May 21, another 23 properties--mostly cross-dock loading and distribution facilities--will be auctioned to the highest bidder. The properties range from a 1-acre property in Shawnee, OK with a starting bid of $23,000 to a 77-acre property in Sacramento, CA with a starting bid of $14 million.
A company spokesman tells GlobeSt.com that contract bids on each property will serve as the starting bid price. Another 33 properties are tentatively scheduled for auction on June 18. Property and the bidding procedures are located at the company's web site: www.cfterminals.com.
Just prior to shutting down and filing for protection from creditors last fall, Consolidated Freightways had been trying to raise money to continue a turnaround that had been ongoing for several months. The bankruptcy filing was forced after one of the 73-year-old company's surety bondholders canceled coverage related to Consolidated's self-insurance programs for worker's compensation and vehicular casualty.
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