Cushman & Wakefield of Texas Inc.'s John F. Littman says the land along State Hwy. 224 was put on the block by Kerr-McGee Oil & Gas Onshore LP in Oklahoma. The energy company had held the land for years because of mineral rights, but nothing had been found or developed on it. The Cole-Malone Living Trust in Livingston ended up winning out over several other bids for the land.
"I don't think he has any large development plans there," says Littman, who teamed with Cushman & Wakefield's B. Kelley Parker III and Coe Parker to set up and oversee the auction process. "He's a buyer based in the area and likely wants it for recreational use."
Littman tells GlobeSt.com he and his colleagues had been somewhat skeptical of going the auction route for the land. This was especially the case for the remaining 67 acres, which borders Lake Livingston, which the team felt could be sold at a decent market rate. "We felt that this was a desirable tract on the lake, that would generate interest," he comments. However, the auction process worked well, he adds, and moved the land quickly, which is something that isn't certain in today's market.
"We were pleased with the results. The seller was happy, the buyer was happy, and we found this to be successful," Littman says.
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