Rare Land Sale Goes to Owner-User
Monday, August 17, 2009
Source: GlobeSt
GlobeSt reports: With the capital markets still tight as a drum there are none too many land sales occurring these days. Just one, actually, according to Real Capital Analytics. The buyer was an owner with near-term, non-speculative development plans.
“There’s still a big capital crunch,” says Art Macaraeg, a broker with Marcus & Millichap who brokered the deal. “Developers aren’t able to get loans to build anything so why would they buy?”
The most recent fulfilled a requirement for Cox Communications, which was looking for a site within its network boundary, Macaraeg tells GlobeSt.com. The company plans to sub-5,000-square-foot buildings. The company paid $788,436 for the 1.8-acre site at Ann and Simmons, behind a Taco Bell, a Chevron and Star Nursery and across from an Albertson’s shopping center.
View the full article on GlobeSt: Rare Land Sale Goes to Owner-User
Posted by: Nina Turner