The equestrian center known as Trails End Arena, once owned by South Sound developer Tri Vo, will be put up for sale this week by West Coast Bank, commercial real estate brokers for the property said Tuesday.
The 22-acre property, which is near Olympia Regional Airport at 1500 79th Ave., likely will be listed today for $2.7 million, said Chris Moates, associate broker for Windermere Real Estate South in Kent. The property is co-listed with managing broker Brian Manaois, with the same Windermere office. Prior to the listing, about three months were spent changing locks and winterizing the facility for a sale, Moates said. Windermere also has a co-brokerage agreement with Ray Jones of Coldwell Baker Bain, he said.
For sale are six buildings, including four barns and the equestrian center, which has an indoor riding arena and grandstands, Manaois said. The sixth structure is a 3,400-square-foot office building that used to be home to Tri Vo’s company, Triway Enterprises. Triway vacated the property and moved to downtown Olympia in October, said Denise Hanley, accounting manager for the business. She declined further comment.
Trails End Arena is at least the second Vo property to be taken back by its lender. This year, too, Tumwater property on Capitol Boulevard that had been proposed for a 10-building, mixed-use development known as Bellatorre was repossessed by South Sound Bank.
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Manaois said that so far, there are four potential suitors from South Sound for Trails End Arena. Without disclosing their names, he said some are interested in using it for an equestrian center and others who would like to develop the property. The property is zoned general commercial, Manaois said.
“If the property is priced to move, there are buyers looking for deals,” Moates said about the likelihood of a sale. He also pointed out that Trails End is surrounded by new housing developments.
Vo used to own Trails End through a company called Pacific Investment Group LLC. He paid $900,000 for it in March 2003, county records show, and at one time sought to develop the property. West Coast Bank later began foreclosure proceedings when Pacific Investment failed to pay the principal balance on its loan, and then Pacific filed for Chapter 11 bankruptcy protection. A bankruptcy judge later approved a Vo plan to sell the property for $5.25 million. It’s not clear what happened during that effort; it likely didn’t sell, and West Coast Bank regained the property through the bankruptcy process.
Some are sad to think this might be the end for Trails End Arena, such as Sandra Bahr of Olympia, whose daughter used to show and judge horses at the facility.
“It’s been a sad sight to watch the facility be passed from one owner to another without the proper resources to restore it to its former glory as a popular, thriving and profitable equine, restaurant and bar facility,” she said.
Rolf Boone: 360-754-5403 firstname.lastname@example.org www.theolympian.com/bizblog