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WOODBURN, OR-A 75-acre food processing complex here and 80-acres of adjacent agricultural land is under new ownership this week following its sale to JLR LLC, an entity that includes Larry Bruce, owner of Bruce Packing Co., which will be leasing all or part of the purchased property, according to title documents filed with Marion County.

The property address is 101 Birds Eye Ave. The seller is agribusiness lender CoBank ACB, which assumed control of the property in October 2001 in trade for reducing its secured claim in the bankruptcy estate of PF Acquisition II Inc.

The purchase price was left off title documents provided by Oregon Title Insurance Co. and Marion County because of a loophole in the state’s recording law (ORS 93.030) that allows the price to be omitted if the buyer’s payment includes “property or value given other than money.”

Neither CoBank nor Larry Bruce nor the Cushman & Wakefield brokers involved in the deal would detail the financials for GlobeSt.com and it was not otherwise obtainable. Title documents did reveal that CoBank provided $3.55 million in seller financing for the transaction in the form of a promissory note that is due in full on Aug. 1, 2007. Bruce did acknowledge that the purchase price was in excess of that financing. According to Marion County the food processing plant alone has an assessed value of $7 million and an estimated market value of $17.7 million–$13.1 million for the 390,000-sf of buildings plus $4.6 million for the 75 acres of land).

In January, PF Acquisition sold Food Services of America a 372,000-sf former Agrifrozen food processing facility in Woodburn for $14.2 million, according to title documents. That complex is located at 350 South Pacific Highway.

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