COLORADO SPRINGS, CO-Despite Capital Pacific paying about $55 million for the 25,000-acre Banning Lewis Ranch this year — in what may have been the largest single private land sale anyplace in the nation this year — 2001 will mark the worst year for land transactions since 1998. Slightly less than $150 million in land will be sold this year, shows a report by Grubb & Ellis, while in 1999 and 2000 land sales were just north of $150 million.

Record land sales took place in 1996, when the dollar volume topped $200 million.

The Banning Lewis Ranch, which was the largest single property sold by the Resolution Trust Corp., accounted for more than a third of the total land sales volume in the Springs this year.

“Fewer land sales occurred in 2001 compared to the previous few years, as a consequence of a slowing economy, adequate developer inventories of entitled property and a diminishing supply of easily developable land,” Grubb & Ellis notes.

Land prices will soften next year, especially for commercial, office and industrial property, where there are greater inventories, the report notes.

The best bet will be for “overlooked infill parcels located in established commercial areas,” the report says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt Net Lease Spring 2023Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.