2920 Foster Avenue, Arcata, CA 95521 - Humboldt County

LENDER DIRECTS IMMEDIATE SALE

Sold Via Assignment for the Benefit of Creditors

Offer Deadline: April 30

On-Site Inspections: By Appointment Only

Hilco Real Estate Sales and Murray Wise Associates are pleased to offer this former tulip farm with ample redevelopment opportunities, currently leased to a variety of good credit tenants. Situated at the edge of Arcata, CA, within Humboldt County's jurisdiction, this property provides users or developers with multiple opportunities, including continuing to lease it to various tenants, utilizing it for their own operations, or redeveloping it entirely.

The property consists of a 418,000 SF industrial building, 48,000 SF of which is non-food-grade cold storage, on 191  AC of land. Currently, 30 AC of land is leased to Driscolls Berries, 25 AC to First Power Solar, and portions of the industrial building are leased to Sierra Madre Mushrooms and Driscoll's Berries.

The property has excellent connectivity for shipping purposes, as it is located one and a half miles from U.S. 101 and nine and a half miles from the ArcataEureka Airport. The Port of Humbolt Bay is also less than an hour away, allowing access to Northern California's only deepwater port. Future owners or investors can take advantage of this bank-directed sale to establish a new operation or capitalize on existing leases.

Hilco Real Estate CA, Inc. License ID #02104676, in cooperation with Assignee Steven M. Spector.

Highlights

418,320 SF building with 48,000 SF of non-food-grade cold storage

Adjacent to Arcata city limits, allowing for development potential

Several established tenants, including major farming operations & a solar farm

Has transferable H-2B permit

Ample water on-site with 400 GPM capabilities

600,000-gallon fire mitigation tank

Location Description

Located in Humboldt County, this property is nestled in the northwestern coastal region of California. Known for its rugged natural beauty, the county encompasses 4,052 square miles of land, including 110 miles of scenic coastline. U.S. Highway 101, a vital north-south corridor, connects Humboldt County to San Francisco, located 270 miles to the south. As of March 2021, the county's unemployment rate stood at 6.7%, notably lower than the state's 8.5% rate. The region has demonstrated economic stability since the recovery from the 2008-2011 recession and is gradually rebounding from the impacts of the 2020 COVID-19 pandemic. Key contributors to the local economy include retail, service industries, healthcare, government, and institutions; alongside a thriving timber sector, Humboldt County leads the nation in timber production and accounts for 20% of California's wood products.