Willamette Valley Property Set for Auction

ALBANY, OR-A Northern California-based lender is auctioning off a five-acre property here next month that is near Interstate 5 and improved with a 35,800-sf office, testing and warehouse building.

Located just off Highway 99E, the building was constructed in 1991 for Supra, a company that makes lock boxes for the residential real estate industry. The building contains 8,360 sf of office space, 16,640 sf of test/production/office space (including air conditioning, high ceiling, flex offices, test, engineering, shipping, and employee facilities), 10,800 sf of warehouse space with 24-foot ceilings, high dock doors, and 2,720 sf of environmentally controlled space.

The building changed hands a couple of times since its development, most recently in June 1999, when Diamond Multimedia Systems sold the property to Equity Advantage Inc. for $2.8 million. The building is now in the hands of the lender on that acquisition, Owens Mortgage Investment Fund. The current assessed market value is just under $2.5 million — $2.1 million for the building and $400,000 for the land.