Yesterday, CBRE Group, Inc. announced their purchase of 1.283 million acres in Nevada, a land sale that is going down in history as one of the largest by acreage in the US. The expansive stretch of land reaches from Reno all the way to the Utah border.
Fountain Investments purchased the land from Pico Holdings Inc., who owned the property for 15 years, for a skyscraping $31 million. Approximately 483,000 acres were bought as fee-simple land. Former Pico Holdings associate Don Pattalock will fill the role of President of New Nevada Resources and as well as senior advisor to New Nevada Lands. The entities serve to oversee mineral rights and to manage the fee-simple land, respectively.
According to CBRE Land Services Group senior managing director Steve Lehr, “A land sale for more than $30 million is very significant today. The good news is that values have appeared to stabilize.”
Lehr continues, “By acreage, this is one of the largest, if not the largest, brokered land sale ever. It was an extremely complex transaction due to its sheer size, and the buyer pool for this type of asset is quite limited.”
SOURCE: Real Estate Weekly