MONTEREY, Calif., May 14, 2020 – Cushman & Wakefield announced today the firm has brokered the sale of Rowe Ranch, an approximately 50-acre farm property located in the Pajaro Valley farming region of Monterey County, in California’s Central Coast.
The buyer was The Lukrich Trust, a local family which acquired the property as an investment and intends to continue leasing it for agricultural use. The seller consisted of 14 family members that had owned the property for many generations.
The property sold for $3 million; above asking price.
Reuben Helick with Cushman & Wakefield’s local Monterey office in collaboration with Matt Davis and Terry Jackson of the firm’s San Diego office represented both the Buyer and Seller in the transaction. All three are members of Cushman & Wakefield’s Land Advisory Group.
“With primarily Class I soils, this attractively-sized ranch is recognized for having premier soil and being some of the most productive farmland in the world,” said Reuben Helick, Managing Director. “It is rare to see ranches in the Pajaro Valley offered for sale and we received multiple offers within just the first week of coming to market.”
Matt Davis, Director, added, “The seller was pleased to move forward with a sale to another longtime local farming family.”
Located along San Juan Rd., the property has a strong history of berry and vegetable production. The current tenant has been farming the land for the past 30 years.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.