Rifle parcels set to go to auction for more than $2 million
June 18, 2014
Two large parcels of land in Rifle touted as prime for development are to be auctioned off June 24 for more than $2 million each.
Sheldon Good & Co. will auction off the 135-acre Rifle Ranch and 16.63-acre Rifle Centre — subject to minimum bids.
Rifle Centre, 500 Airport Road, is to sell at or above $2.5 million. It offers prime development land, between Choice Liquors and the Rifle Commons Shopping Center next to Walmart, across from the Grand River Medical Center.
Rifle Ranch, 11747 County Road 320, is an irrigated flat parcel that the auction company said will sell at or above $2.7 million and includes senior water rights from the Loesch Crann ditch. The parcel lends itself to many different development options or the continued use of agricultural land. Rifle Ranch produces approximately 100 tons of hay a year.
"The development opportunities on these two parcels are endless, and both provide tremendous upside potential," said John Cuticelli, chairman of Sheldon Good.
Rifle Planning Director Nathan Lindquist said the parcel on Airport Road is identified in the city comprehensive plan as suitable for a "big box" store.
"It's got all the infrastructure ready to go, so as soon as the economy allows, a big box might want to locate there," he said.
The Rifle Ranch parcel to the west would be a good spot for a residential development, Lindquist said.
"Since it's further west from the city, the potential is probably further out," he noted. "And there would have to be a lot of infrastructure improvements to get services out that way. And that can be expensive."
Sheldon Good describes itself as a 49-year-old real estate auction firm that has sold billions of dollars worth of properties, from commercial and industrial properties to single-family residences.
Cuticelli said that as properties remain unsold for some time, more are being sold at auctions.
"Auctions help create a sense of urgency to sell," he said. "These are not distress sales, but they've been on the market for a long time, and this is just the last piece toward a sale."
Cuticelli added the goal is to sell both Rifle parcels.
"The seller has said he wants to sell at or above the minimum bids, so I will sell this property," he said. "I would say $20,000 an acre is a very compelling price for 135 acres. And $150,000 an acre for a prime development site is a good deal, too," he said of the Rifle Centre site.
Buyers must be willing to sign a purchase agreement and put 5 percent of the winning bid down to complete the sale, Cuticelli said.
A spokeswoman for Sheldon Good said the single seller of both Rifle parcels would make no comment. However, the seller's representative, who also declined to be named, provided an email statement:
"The auction of the two properties in Rifle is a result of an old partnership disbanding, this is not a distressed sale," stated the seller representative. "As we were closing out the partnership, we discovered Sheldon Good's proven auction methodology and firmly believe it is the best way for us to achieve a quick and effective sale for the last remaining large development pieces in Rifle's thriving retail corridor."
Sheldon Good has conducted auctions in Aspen, Gypsum and the Ironbridge Goal Course in Glenwood Springs, Cuticelli said.
Bids are to be delivered to Sheldon Good & Co., Attn.: Rifle, Colo. Project Manager, 488 Madison Ave., Suite 201, New York, NY 10022, by 3 p.m. MDT, on June 24. For additional information on the auction and to view the property by appointment, call 800-516-0014 or visit RifleLand.SheldonGood.com.