Consolidated Freightways Announces April 15th Sale of Seattle Distribution Facility.Business Editors/Real Estate Writers SEATTLE--(BUSINESS WIRE)--April 7, 2004 As part of the largest real estate sale in transportation history -- 228 total properties with an appraised value An appraised value (USA) or mortgage valuation (Australia) pertains to the assessed value of real property in the opinion of a qualified appraiser or valuer. It is usually used as a pre-qualification & risk-based pricing factor related to the issuance of mortgage loans by a over $400 million -- Consolidated Freightways Consolidated Freight was the 3rd biggest trucking company in the US. In the 1930s they started their own truck manufacturing operation, Freightliner, now part of DaimlerChrysler. announced that it is placing its Seattle distribution facility located at 6050 East Marginal Way for sale to the highest bidder HIGHEST BIDDER, contracts. He who, at an auction, offers the greatest price for the property sold. 2. The highest bidder is entitled to have the article sold at his bid, provided there has been no unfairness on his part. , through a reserve auction process scheduled for April 15, 2004. CF was founded in Portland in April 1929 by Leland James and immediately expanded across the Northwest. By the 1960s CF had become the nation's largest trucking company. The company closed its operations on September 3, 2002 when it filed for bankruptcy protection. Since then CF has been liquidating the assets of the corporation under orders of the bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. . The company's historic Seattle Historic Seattle is a Seattle, Washington non-profit organization focused on preserving Seattle's architectural heritage.[1] They issue a monthly online magazine, Preservation Seattle[2] and are involved in advocacy and education. property is an 118-door cross-dock distribution facility situated on 13.58 acres where 237 CF employees formerly worked. A starting price of $7,700,000 has been established for the CF property. Interested parties who would like to participate in the 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 A written order made by a depositor to a bank to pay a certain sum to the person designated—the payee—which is marked by the bank as "accepted" or "certified," thereby unconditionally promising that the bank will pay the order upon its , prior to the date of the auction. To date, 192 CF properties throughout the U.S. have been sold for over $331.5 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. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion