"We're pretty much completed with the sale," says Mike Brown, a spokesman for the one-time Vancouver, WA-based Consolidated Freightways. "The Houston properties are the last of the large warehouses."
Brown tells GlobeSt.com that market forces dictate when the properties are going to be auctioned. He adds the Houston properties at 4847 Blaffer St. were available for auction earlier this year, but were pulled from the bidding process. "It's the broker opinion that there's a riper market for the properties now."
The cross-dock distribution buildings are located immediately west of Loop 610. One is a 91-dock structure built in 1968 on 11 acres and the other is a 97-dock, 14-year-old building on 6.3 acres. The pair totals 77,346 sf, with nearly 6% set up for office use.
Both facilities were closed Sept. 3, 2002, when the 74-year-old company filed for bankruptcy protection. Since then Consolidated Freightways has been liquidating assets under orders of the bankruptcy court.
According to an appraisal conducted by CB Richard Ellis Inc., the terminals have an appraised value of $4.8 million. A starting price of $1.1 million has been established for the smaller building and $595,000 for the larger one. The price for a lock, stock and barrel buy begins at $1.7 million.
According to Brown, a variety of buyers will be interested in acquiring the assets. Some Consolidated Freightways terminals have been acquired by trucking firms while other facilities have been purchased primarily for the land. San Diego-based Transportation Property Co. has been marketing Consolidated Freightways entire portfolio, which is comprised of 229 total properties with an appraised value of more than $400 million.
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