Transwestern Represents Seller in Transaction Involving Senior Water Rights
March 27, 2019
Denver – Transwestern Commercial Services (TCS) today announces it brokered the sale of 602 acres, 1 mile west of Highway 85 in Platteville, Colorado. The site was purchased for $13.5 million by an undisclosed buyer. This transaction was the largest land transaction in Weld County within the last three years. TCS Senior Vice President Craig Paton and Vice President Craig Bustos provided disposition services for the seller.
“This is representative of the classic Northern Colorado real estate play,” said Paton. “The site has historical agricultural utility that will continue, followed by extraction of minerals and enhancement of water rights and water storage. There will likely be a residential component in the future.”
Weld County has continued to grow over the last few years and is one of the strongest in the state, and oil and gas and agriculture are the main economic drivers. The county consistently ranks in the top 10 nationally for agriculture with the market value exceeding $1.5 billion. In addition to the booming agriculture business, Weld County has been able to maintain low real estate property tax compared to surrounding areas because of the county’s extensive oil and gas activity. This gives a competitive advantage for businesses.
“One unique aspect of this site is that the South Platte River runs directly through it,” said Bustos. “That presented an opportunity for the buyer to secure extensive senior water rights to maximize their real estate investment.”
Paton and Bustos have sold approximately 950 acres with a value of $25 million in the past 24 months in Northern Colorado.
ABOUT TRANSWESTERN COMMERCIAL SERVICES
Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has
34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.