Ground Leased Airport Properties Up for Auction
Hilco Real Estate and Counsel RB Capital are conducting a sealed bid auction for two ground-leased airport properties.
Business jet manufacturer Emivest Aerospace Corp., which filed for Chapter 11 bankruptcy protection in October 2010, formerly operated the sites.
Prospective buyers have until June 16 to place a bid for either one or both of the properties.
“This is a rare opportunity to assume the remaining term and options of the ground leases,” said Geoffrey Schnipper, project manager for Hilco Real Estate. “The annual rent obligation associated with these leases is well below market and cannot be replicated in today’s marketplace.”
The first property is in Martinsburg, W.Va., and has a current lease that runs through 2030 with two 30-year renewals at a rate of $10,000 a year. The property totals 87,500 square feet.
There are 25,000 square feet of office space covering 33 acres, while the remaining space is comprised of manufacturing space. The building is currently equipped with cranes, 3,000 amp electrical service and 40 feet to 45 feet of ceiling clear height.
In San Antonio, the current lease does not expire until 2017. The annual lease rate for the 127,407 square foot property is $100,000 per year.
This site was the company’s corporate headquarters and can be used for aerospace/defense applications. The building features heavy power, executive office space, expansion capability and 46 feet to 54 feet ceiling clear height.
“The location, remaining lease term, and extension options on these assets makes them desirable for any company operating in the aerospace and/or defense field,” said Roberto Perez, SVP of Hilco Real Estate. “These are best of breed hangar, manufacturing warehouse, and office properties. Each property can provide a company with a turn-key solution for its space and operational requirements.”