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Consolidated Freightways Continues Sale of Columbus Trucking Facilities.

COLUMBUS, Ohio -- Consolidated Freightways (CF) announces the closing of the sale of its long-time Columbus distribution facility in December to Old Dominion Freight Line (ODFL) and the upcoming sale of a second large transportation property on Georgesville Road in Columbus.

On December 17, 2004, CF sold its Columbus terminal located at 2885 Alum Creek Drive to Old Dominion for $5.1 million. ODFL's existing trucking property at 1700 Georgesville Road in Columbus was sold to CF. Old Dominion is moving its operations from that property to the Alum Creek Drive property.

CF's upcoming sale of the distribution facility at 1700 Georgesville Road continues the largest real estate sale in transportation history -- 227 total properties with an appraised value of over $400 million. Since CF filed for bankruptcy protection and closed its operations on September 3, 2002, the company has been liquidating the assets of the corporation under orders of the bankruptcy court. To date, 221 CF properties have been sold for $396 million.

The Georgesville Road property will be offered for sale to the highest bidder at a reserve auction scheduled for Thursday, March 10, 2005. The 8.2 acre property is comprised of a 65-dock door freight terminal/office building and an additional 10,350 sq. ft. maintenance building. An opening bid price has been established for the property at $1.25 million.

Interested parties who would like to participate in the auction can access information about the property and the auction at Potential bidders need to pre-qualify and submit a deposit as indicated on the web page. Questions about the property or the bidding procedures should be directed to Chris Sloan at CFC Trust at 360-448-4001.
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Publication:Business Wire
Date:Feb 9, 2005
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