It was the largest single property owned and sold by the Resolution Trust Corp., the agency created by Congress to dispose of the assets of the savings and loan crisis of the early 1990s.
Capital Pacific Holdings of Newport Beach, CA, bought the massive property for $55 million from the billionaire Ibrahim Khalid family of Saudi Arabia, which bought the land from the RTC in 1993 for $18.5 million.
Gary Hollenbeck, president of Colorado Springs-based Palmer McAllister Co. Inc., says he expects that this marks the largest land sale anyplace in the country this year. Palmer McAllister was the brokerage firm on the deal.
''I certainly haven't heard of any larger,'' he tells GlobeSt.com.
Capital Pacific has a market cap of about $48.5 million, about $7 million less than the purchase price. An official from Capital Pacific didn't return calls.
''A chapter in the history of Colorado Springs has ended and another is about to begin,'' Rocky Scott, president of the El Paso Economic Development Council tells GlobeSt.com. ''We will find out what the sale means.''
Scott says he has no knowledge what Capital Pacific plans, but he says options would range from breaking it up and selling parcels to other developers and users to flipping the entire parcel.
As for the $55 million price tag: "I have no idea how to value stuff like this. It's land that has a 50-year build out. Fifty years is not a bad number. It's interesting, because according to our community plan, it would be 20 years before Colorado Springs would even need to start developing the land.''
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