Willamette Valley Property Set for Auction

Located just off Highway 99E, the building was constructed in 1991 for Supra, a company that makes lock boxes for the residential real estate industry. The building contains 8,360 sf of office space, 16,640 sf of test/production/office space (including air conditioning, high ceiling, flex offices, test, engineering, shipping, and employee facilities), 10,800 sf of warehouse space with 24-foot ceilings, high dock doors, and 2,720 sf of environmentally controlled space.

The building changed hands a couple of times since its development, most recently in June 1999, when Diamond Multimedia Systems sold the property to Equity Advantage Inc. for $2.8 million. The building is now in the hands of the lender on that acquisition, Owens Mortgage Investment Fund. The current assessed market value is just under $2.5 million -- $2.1 million for the building and $400,000 for the land.

The auction is being handled by Sperry Van Ness/Interstate Auction Company. Company auctioneer John Johnson says ultimate sale is subject to owner confirmation, but that it is "highly likely" the property will sell, as the owner has no use for it. Additionally, he says the seller is offering very attractive 80% financing, with the rate dependent on the creditworthiness of the buyer.

The property address is 1701 Supra Dr. Bidders are required to have $25,000 certified funds to bid with 10 percent down on auction night and close within 30 days. A 2% commission is offered to any licensed real estate agent who registers the high bidder.