By Andrew Joseph, Farms.com
In a sale valued at US$240-million (~CDN $300-million), a Texas ranch was sold, including land and industrial assets, featuring 31,000 acres in Milam and Lee counties.
Known as the Sandow Lakes Ranch, the property included the site of the former Rockdale smelter, permanently closed in 2018.
Completed on October 29, 2021, the transaction included improved pasture lands, ag properties and industrial assets, purchased by SLR Property I, LP, an affiliate of a Texas real estate enterprise.
The property was owned and sold by Alcoa Corporation who since purchasing the land, have worked with tenants to create economic development opportunities.
Alcoa received US$230-million in cash, noting that it had taken six years to get to this point after performing significant agricultural land improvements, adding water development and solar components, as well as intermodal, tech and other industrial capabilities that apparently SLR found most agreeable.