As part of the largest real estate sale in transportation history -- 220 total properties with an appraised value of more than $400 million --
Consolidated Freightways announced that it is placing three of its Washington State distribution facilities for sale.
The facilities in Woodinville, Tacoma and Olympia will be sold to the highest bidder through an open auction process scheduled for Thursday, Nov. 20, 2003. CF properties in other states will also be auctioned off that day.
CF's Woodinville facility is located at 18707 139th Avenue N.E. and is a 31-door cross-dock terminal situated on 3.69 acres. A contract price of $1.6 million has been established for the CF property.
The 31-door Tacoma center is located at 4920 East 20th Street and is situated on 3.69 acres. The terminal has a contract price of $2.05 million.
The Olympia distribution facility is an eight-door cross-dock terminal located at 1122 79th Avenue, SE. It is situated on 1.72 acres and has a contract price established of $190,000.
The three facilities have been closed to operations since September 3, 2002 when the 74-year-old company filed for bankruptcy protection. Since then CF has been liquidating the assets of the corporation under orders of the bankruptcy court.
Interested parties who would like to participate in the Nov. 20 bankruptcy auction should submit the form Request to be Designated a Qualified Bidder at Auction. That form can be found at www.cfterminals.com/Overbidder.html and must be submitted prior to the date of the auction. The indicated deposit must also be received, via wire or certified check, prior to the date of the auction.
To date, 143 CF properties throughout the U.S. have been sold for $269 million. Potential bidders should direct any questions about the property and the bidding procedures that cannot be answered at the company's web site www.cfterminals.com, to Transportation Property Company at (800) 440-5155.