|
As you may know, the New Albany International Business Park is the largest real estate development in the history of Ohio. Its scale and pace are unprecedented, and it has attracted worldwide attention. In addition to Intel’s chip manufacturing facility, there has been rapid investment in the area by the biggest, publicly capitalized companies in the world.
Farm families have been on the front lines of this development as New Albany has expanded into western Licking County. The owners of these multi-generational farms are experienced at operating difficult and challenging businesses, and they were up for this challenge as they saw land values rising.
Five years ago, values in this region of Central Ohio were $10 to $12 per acre. Two years ago, it jumped to $50k to $80k per acre. A year ago, it was $120k to $150k per acre and recently properties have sold for $250k and more, depending on their proximity to utilities. New infrastructure and entitlements are quickly facilitating former agricultural uses of western Licking County into e-commerce, data centers and corporate and industrial urbanized uses.
Many multi-generational farm operators are selling their land and operations at unprecedented values. It’s a onetime multi-generational event. These owners are redeploying wealth and reacquiring replacement farmland in other parts of Licking and surrounding counties.
We are in the commercial real estate development business. Historically, the level of commercial real estate development is directly impacted by interest rates. The activity in western Licking County has buffered the otherwise dampening effect of rates. Our business has had four years of increasing levels of activity and growth.
Many of our clients own substantial additional assets in western Licking County, as well as the wider metro area. We are staying close to our clients to provide exceptional attention and service. In addition to our current and prior deals, we carefully study the market and stay abreast of latest sales and negotiations. We continue to expand our repertoire of tax exchange structuring to mitigate capital gains tax impacts. And, as always, we connect buyers to sellers.
| 
