Borina Ranches

Borina Ranches 2018-04-18T02:30:26+00:00

Project Description

Brokers:
Reuben Helick | Michael Schoeder

Client:
Borina Foundation

Parcel Address:
Various APNs in Watsonville CA area known as Pajaro Valley

Size (Acres):
Gross acres: ±443.5; Net crop acreage: ±397

Use:
Agriculture

Challenges Encountered:
While we offered both the entire assemblage and separate ranches, we wanted to sell as entire portfolio instead of separate ranches. Had many interested parties for portions; but not as many for the entire assemblage of eight ranches. We utilized the “call for offers” format, and in doing so had to pick the right buyer and manage confidentiality to minimize potential collusion between competing buyers. We received 12 offers to purchase.

Results Achieved:
We had recent MAI appraisals representing value of the assemblage at $17.5MM. We provided pricing guidance at $18,757,200. After receiving the offers at the submission date, Seller approved Buyer at $20.65MM.

Marketing commenced mid November 2013. Escrow closed in March 2014.

For more information, please contact:
reuben.helick@cushwake.com

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