CHALLENGE
The land team at ICO was engaged to prospect and source multiple 50 plus acre land investment deals in the Columbus, TX area. The sites needed to be ideal for development but priced for investment. This requirement led us down a very narrow path with little to no margin for mistakes in evaluating sites. Not to mention, once the sites were targeted, we still had to work through the negotiation and due diligence process, all within an aggressive feasibility window.
 
STRATEGY
We took our time on the front end during the prospecting phase to set ourselves up for more success on the overall timeline. After extensively researching into any off-market opportunities, we ended up doubling back on two off-market pieces, one of which being the 54.34 acres on Piney Woods that seemed to meet all our criteria. We engaged with the Seller’s broker, scheduled a tour then put in an offer shortly after. The negotiations went in our favor, and we even ended up with a percentage of the oil and gas mineral rights.

RESULTS
Our client was able to close on their investment property and successfully establish a four-year exit strategy with tremendous upside. The property remains under agricultural exemption which keeps the carrying costs very low. It should also be noted that this was the last deal that the ICO Land team negotiated where the loan rate was under 4%. It was a great project to work on and we look forward to being part of the development and sale.