Bidding opens for bargain Emivest facilities

Washington DC
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More than 18,500m2 (200,000ft2) of manufacturing space in two facilities in different states will be up for auction at bargain basement prices as part of the bankruptcy sale of Emivest Aerospace, builder of the SJ30 business jet.

SJ30 supplier Metalcraft purchased the aircraft programme for $3.5 million plus several million dollars in assumed liabilities on 7 April. As part of the sale, Metalcraft, which has not revealed its future plans for the type, will have to vacate production facilities in West Virginia and San Antonio in the next three months.

Hilco Real Estate and Counsel RB are now taking bids for buyers of both properties through 16 June. The 8,130m2 Martinsburg, West Virginia location has a lease that runs up to 2030 with the option for two 30-year renewals at a rate of $10,000 a year plus "$1 per usable acre", according to the companies.

The 11,840m2 San Antonio facility, which was the Emivest headquarters and final assembly plant, has a lease that runs up to 2016 with an option for a 10-year extension, priced at $100,000 a year.