JLL closes $9.5M sale of 285.5-acre Willamette Valley campus
The sale includes the Evergreen Space Museum Building, Wings & Waves Waterpark, The Lodge, vineyard and farmland and a hotel development site
PORTLAND, Ore., April 20, 2020 – JLL Capital Markets announced today that it has closed the $9.5 million sale of a 285.5-acre campus that 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 99,000-square-foot hotel all within a Qualified Opportunity Zone in Oregon’s famed Willamette Valley’s wine region.
JLL marketed the property on behalf of the seller, Salt Lake City-based Falls Event Center LLC. McMinnville Properties LLC, which is owned by Bill Stoller of Stoller Wine Group, purchased the asset.
A native of nearby Dayton, Ore., 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 120,000-square-foot 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. The property is 23 miles southwest of Portland and 30 minutes north of Salem off East Salmon River Highway 18 just east of McMinnville, Oregon.
The JLL Capital Markets team representing the seller was led by Director Adam Taylor and Managing Director Buzz Ellis.
“The Stoller’s acquisition of this landmark property is a welcome bit of positive news in a challenging time,” Taylor said. “The portfolio was very well-received by the investor community, and the fact that it will remain in operation as a unique destination for locals and visitors alike is the ideal outcome for the local and regional economy.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.