St. James, NY-based Gyrodyne Co. of America has a limited partnership interest of "just shy of 11%, and the largest equity interest of the partnership, in the 3,500-acre property," Peter Pitsiokos, COO of Gyrodyne, tells GlobeSt.com. Based on the most recent valuation, after adjusting for liabilities, Gyrodyne's interest in the owner-partnership is about $16.4 million. "We have held the property for over 40 years," he adds. He believes the increase in the appraised value is at least partially due to momentum created by Scripps' plan for Mecca Farms and recent groundbreaking for its $112-million, 364,000-sf facility. Asked if he was aware of a judge's decision regarding an environmental review of Mecca Farms that was deemed faulty and which put a stop to Scripps' construction until briefs in both sides of the dispute are filed, Pitsiokos says, "Yes, but I think it's a temporary issue that will be overcome." He reiterated his belief that Scripps will locate on the Mecca Farms site.
As for Gyrodyne's plans for the acreage it owns, he says, "our strategy has been to hold for decades, and we wouldn't dispose until it makes sense for our shareholders. That [decision] is a lot closer than it was five years ago," he adds.
"There have been numerous offers to buy," according to Pitsiokos, and he mentions Lennar and WCI among the developers active in the area. Gyrodyne's other major asset, he says, is on Long Island, NY. "We have held both the Florida and Long Island land parcels for decades, and both have had significant increases in value."
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