Receivership ends for Courtesy Auto properties

A painful but potentially rejuvenating process has come to an end on Poulsbo’s Viking Avenue.

A Kitsap County Superior Court judge approved a motion June 26 terminating receivership for the former Courtesy Auto Group properties.

All told, six parcels formerly owned by the Hern family have been sold since 2013, fetching about $4.6 million.

The properties were home to a number of Courtesy Auto dealerships, forming the core of Poulsbo’s once-bustling automotive corridor.

Union Bank successfully petitioned the court to appoint a receiver for the properties in 2011, seeking repayment of a $10 million loan made by Frontier Bank to the Herns in 2009. Union Bank took over the loan after Frontier failed in 2010. 

Here’s a look at the Courtesy Auto properties sold and what businesses are there now:

1. Chevrolet building — $1.4 million

imgresSold on: April 10, 2013

Sold to: Christina and Scott Hensrude

Current assessed value: $1.09 million

Description: 1.43 acres with a 16,350-square-foot showroom at 19873 Viking Ave. NW, on the southwest corner of Edvard Street and Viking.

Now home to: Abra Auto Body and Glass.

2. Suzuki building — $375,000

427335_3418875_ver1.0_640_480Sold on: Sept. 23, 2013

Sold to: Janice and Kevin Krieger, and Lisa and Steven Stirrett

Current assessed value: $239,100

Description: One-third acre with a 1,600-square-foot showroom at 19568 Viking Ave., across from the Food Mart and Los Cazadores.

Now home to: smoke shop and hookah lounge called Up In Smoke.

3. Fleet building — $475,000

Darrin and Carolyn Hudson at their Hudson Auto lot on Viking Way in Poulsbo on Tuesday, August 20, 2014. (MEEGAN M. REID / KITSAP SUN)Sold on: March 3, 2014

Sold to: SGBT Investments

Current assessed value: $459,050

Description: 1.1-acre parcel and 1,480-square-foot building at 19955 Viking Ave. on the northwest corner of Edvard Street and Viking.

Now home to: Hudson Auto Center used car dealership.

4 & 5. John Deere and detail buildings — $700,000*

logoSold on: March 25, 2014

Sold to: Washington Tractor

Current assessed values: $323,000 (John Deere) and $218,570 (detail building)

Description: Two acres totaling 1.5 acres, and 6,500-square-feet of building space at 20054  and 20096 Viking Ave. NW, across from the former Courtesy Ford.

Now home to: Washington Tractor dealership, which first leased the space in 2011.

* The purchase price was offset by nearly $300,000 in credits to the buyer to account for environmental issues at the site, according to the receiver’s report.

6. Ford building — $1.98 million

logo1Sold on: Jan. 5, 2015

Sold to: Chris and Laurie Morgan

Current assessed value: $1.94 million

Description: A 1.83-acre parcel and 38,000-square-foot showroom at 20081 Viking Ave.

Now home to: American Building and Roofing. Hudson Auto Center also expanded into a portion.

The receivership included a seventh property owned by the Herns on 10th Avenue, just south of Central Market. Union Bank intended to foreclose on that property, according to the final receiver report, filed May 20.

Want to know when fresh content is posted to the Minding Your Business blog? Sign up for email alerts.

Leave a Reply

Your email address will not be published. Required fields are marked *

Before you post, please complete the prompt below.

Is water a solid or a liquid at room temperature?