CDC deliberates sale of building
Submitted by crecord2010 on Tue, 07/08/2014 - 1:37pm
When the Cuero Development Corporation decided on May 19 to reevaluate the sale of the 11.89 acres and 35,000 square foot building, adjacent to 127 Industrial Blvd., it could not have come at a worse time for vice president Lillian Smith of Turnquist Partners Realtors.
Smith said, “There is an interest in purchasing the building ... but we have until July 27 to close. It is a 1031 deferred tax exchange purchase which is the reason for the time limit.”
The CDC called for a special meeting on June 24 for Smith to discuss and give further information in regards to the possible sale of the property. However, the general concern of the board is if the building is to be used as a storage building and not for public use is it a “fair and reasonable offer?”
Board member Will Carbonara said, “My hang up is that we may have made a bad deal selling the other side and now it is being priced out at $1.8 million. My concern is if $450,000 is the best effort for that building.”
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