Texas General Land Office Acquires 353,785-Acre Brewster Ranch From Texas Mountain Holdings
Building Size
—
Asset Type
Land
Closing
Oct 29, 2024
About this deal
AI
The Brewster Ranch, comprising 353,785 acres, is situated in West Texas. It is recognized as one of the largest public land purchases in state history, now owned by The Texas General Land Office (GLO) following its acquisition from Texas Mountain Holdings.
Summary of transaction details:
- Property Type: Ranch
- Transaction Amount: Not specified
- Address: Brewster Ranch
- Market: West Texas
- Buyer: The Texas General Land Office (GLO)
- Seller: Brad Kelley - Texas Mountain Holdings
- Buyer's Representatives: Eric DeJernett - CBRE; Sam Middleton - Chas. S. Middleton and Son
- Seller's Representatives: Harrison King & James King - King Land & Water
The acquisition secures mineral-rich land along the southern border of Texas and prevents foreign ownership. The proceeds from this transaction are intended to support state education initiatives.
Players
Market Land Market Snapshot
Boundary boundary · Land · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93