Approximately 2,620 acres of farmland in Martin County recently sold for $15.95 million in an auction managed by Murray Wise Associates LLC in cooperation with Crosby & Associates, Inc.
The auction, held at the Indiantown Civic Center on February 27th, attracted a capacity crowd of more than 100 people. The bidding lasted more than 90 minutes, and the property sold as an entirety to one bidder for $6,088 per acre.
“With standing room only including 33 registered bidders, this auction was as successful as our last,” said Ben Crosby, Broker of Crosby & Associates, Inc. “We’re looking forward to our April 16th auction of almost 2,900 acres.”
This was the second successful land auction in the area in recent months, and Murray Wise Associates and Crosby & Associates, Inc. will host an additional auction April 16, 2014 in Port St. Lucie, Florida at the Town Hall at Tradition.
“For those unable to secure farmland yesterday, this additional property has great potential,” said Crosby. “It currently produces citrus, sod, and royal palms, and it has excellent water as well as a modern packinghouse.”
The 2,884± acre property will be offered in 13 tracts.
Auctions are proving to be a valued resource in generating the highest number of potential bidders for commercial real estate assets for sale as well as some of the highest revenues. Earlier this month, Google Capital poured $50 million into real estate marketplace Auction.com at a $1.2B valuation.
Since its launch in 2008, Auction.com, a recent sponsor of the CCIM Florida Chapter, has sold $26 billion of property and is considered one of the largest marketplaces on the web, according to David Lawee, Partner at Google Capital.
ABOUT CCIM: A CCIM (Certified Commercial Investment Member) is a recognized expert in the commercial and investment real estate industry. The CCIM lapel pin is earned after successfully completing a designation process that ensures CCIMs are proficient not only in theory, but also in practice. This elite corps of CCIMs includes brokers, leasing professionals, investment counselors, asset managers, appraisers, corporate real estate executives, property managers, developers, institutional investors, commercial lenders, attorneys, bankers, and other allied professionals. The mission of the Florida CCIM Chapter is to provide the highest quality of marketing and networking opportunities, services, and education that will enhance our members’ ability to conduct business successfully. For more information, please visit http://flccim.com/ or contact Florida CCIM Chapter President Peter J. Barnett, CCIM at 813.351.2791.
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