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4/22/20
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A 285.5-acre campus property in Oregon’s famed Willamette Valley’s wine region has sold for $9.5 mil. The property houses the Evergreen Space Museum, Wings & Waves Waterpark, The Lodge event and wedding venue, approximately 220 acres of established vineyards and farmland and a development site designed to accommodate a 99k sf hotel, all within a Qualified Opportunity Zone.
The property was acquired by McMinnville Properties LLC, which is owned by Bill Stoller of Stoller Wine Group. A native of nearby Dayton, OR., Stoller is committed to the property for the long haul and has a distinct vision for it. First and foremost, he plans to bring stability to a campus that has faced distinct challenges in years’ past. The nonprofit Evergreen Aviation and Space Museum will maintain its lease of the exhibit buildings, while the new owners have upgrades already planned for the water park and see future potential related to the hotel development site.
The five-parcel property has been a Wine Country tourist attraction since the original aviation portion of the museum, which was not included in the sale, welcomed its first guest in 1991. The 120k sf Evergreen Space Museum building was added in 2008 and greatly expanded park offerings and exhibits.
The Wings & Waves Waterpark, which is Oregon’s largest waterpark, is an all-season, family-friendly destination that was added to the site in 2011 and offers 10 slides, including four that originate inside a roof-mounted 747, and a 91,000-gallon wave pool. A former chapel known as The Lodge has a 150-person capacity and offers event space with a log cabin aesthetic complete with burning fireplace, while the established agricultural land has a mix of vines and feed grass that is harvested by a third party.
The 6.96-acre development site is entitled for a 96-key hotel with an indoor swimming pool, restaurant, fitness center and parking. Two additional buildings, including the museum structure that houses the famous Spruce Goose, Howard Hughes’ wooden airplane, and a theater building was not included in the sale.
The campus is located at 500 Northeast Captain Michael King Smith Way. It’s situated 23 miles southwest of Portland and 30 minutes north of Salem off East Salmon River Highway 18 just east of McMinnville, OR.
Adam Taylor and Buzz Ellis with JLL Capital Markets represented the seller, Salt Lake City-based Falls Event Center LLC.
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