Reuben Helick | Michael Schoeder
Various APNs in Watsonville CA area known as Pajaro Valley
Gross acres: ±443.5; Net crop acreage: ±397
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.
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.