The Land Report

2019.1

The Magazine of the American Landowner is an essential guide for investors, landowners, and those interested in buying or selling land. The award-winning quarterly is known for its annual survey of America's largest landowners, The Land Report 100.

Issue link: https://landreport.epubxp.com/i/1140025

Contents of this Issue

Navigation

Page 85 of 99

DEALS OF /THEYEAR Farmland e combination of rich soil and ample water supplies attracted Farmland LP to purchase the land in 2018 from Tim Weidert, whose father bought the •rst piece of what eventually grew into the 6,000-acre farm more than 50 years ago. Farmland LP plans to transition the prop- erty from its long-time use of producing commodity crops (wheat, potatoes, and corn) to organic and sustainable perma- nent crops (wine grapes, apples, and blueberries). Such a transition is a sub- stantial process that required signi•cant preliminary work. at is one of the reasons Steve Bruere, president of the Peoples Company and the broker of record for the farm, considers the sale of the Weidert Farm "a deal of a lifetime." "We went through a pretty extensive visioning process, in terms of putting the marketing package together and the con- ceptual renderings of how this property could be developed and the •nancial performance it could produce," Bruere says. "We had a client who gave us the resources and helped us put the team together to go out and position this property in its most positive light. ere were really no constraints." So researchers were brought in to collect weather data and test the soil, and plans were created for the best possible methods to expand irrigation beyond the established 1,800 acres. "It was a complicated project involving water rights and all sorts of things," Bruere says. "We pulled together a top- notch team in order to do this right. And it showed." e eventual buyer was determined through a sealed-bid process that had a November 2017 deadline. Bruere admits that there were several competitive o'ers, but Farmland LP's proposal struck a chord. It was the closest to how the Weidert family wanted to see the property evolve. "A competitive o'er is impor- tant, but Farmland LP's vision for the property is what set it apart," Bruere says. "We were dealing with a sophisticated COLUMBIA BASIN Eastern Washington and North Central Oregon form the bounds of this coveted agricultural region. 84 L ANDREP ORT.COM e LandReport | SPRING 20 19

Articles in this issue

Links on this page

Archives of this issue

view archives of The Land Report - 2019.1