Consulting with Paul Johnson Realtors Dramatically Increased Land Value
| Posted by Casey Hatcher
Property: 50+ acres southwest corner at Loop 322 and Industrial Boulevard
Parties: Paul Johnson Broker, John Treanor, Owner
Goal: Purchased in 2004 through an IRS 1031 tax deferred exchange. Paul consulted the client regarding the long term hold on the parcel. He explained the future growth of the area along the Loop 322 Corridor. Dividing the parcel into smaller tracts in order to create more value. The owner agreed and funded development of a new road to create access for the parcels toward the back of the tract. Treanor Drive now gives access through the developing area now called “College Park” which was to acknowledge the developing Cisco College across the loop.
Final result: Instead of marketing a total of 36 acres at $10,000.00 to $11,000.00 per acre, several tracts were sold to 7-11, Dr. Teague’s Clinic and Dr. Toogood’s Clinic. We have a contract with Lamar Signs and a contract pending for an assisted living complex. The site went from a $300,000.00 - $350,000.00 value to a multimillion dollar project.