Cushman & Wakefield Agribusiness Services Group Sells Property as Multiple Transactions
TRACY, Calif. – January 23, 2018 – A total of 53.31 acres of prime farm land in Tracy (San Joaquin), California has sold to multiple parties. Located at 18555 South MacArthur Dr., the agricultural asset consists of three separate parcels of 47.77 acres, 2.77 acres and 2.77 acres which included a conservative easement of 45 acres on the larger parcel (47.77 acres). There is also a single-family home of approximately 1,170 square feet onsite that consists of two bedrooms plus bonus room and one bath that was built in 1948. The total purchase price of all property was just over $1.23 million.
The buyers consisted of three separate private individuals for each of the three land parcels and the San Joaquin Council of Governments acquired the conservation easement. The property will continue to be utilized for farming purposes.
The seller was the Fagundes Family, which was represented by Matt Davis, Curtis Buono and Terry Jackson with Cushman & Wakefield’s Agribusiness Services Group in collaboration with Jim Wirth of TRI Commercial. The Fagundes Family had owned the property for 65 years prior to the sale.
“We opted to sell the property as four separate transactions based on individual parcels and easement to help maximize the value for the seller,” said Mr. Davis, Director. “This is highly desirable ag land containing fertile farmland with 100% Class II soils and that also has senior pre-1914 Riparian Water Rights. Its convenient South Delta location near Interstate 205 also adds further geographic appeal.”
The desirable farming property resides within and receives irrigation water from the Pescadero Reclamation District 2058. Irrigation water is provided by multiple turnout gates located along a concrete lined ditch, while a domestic well serves the house.
The property was formerly tenanted and utilized by Joe Bachetti Farms, which had cropped orchard grass, hay and alfalfa.
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