PCDI on Big R Property

One of several buildings at Washington Street site

 The majority of the PCDI monthly meeting focused on the Washington Street property, donated by Big R last year.  The property has been listed locally, and for the past four months with Hancock Realty, which lists properties along the Front Range.  Prowers County Development Incorporated wants to sell the warehouses and office space so the revenue can be applied to future business development in Prowers County, but the soft-market, national real estate picture also extends to southeast Colorado.  PCDI Secretary Carla Scranton said there have been 50 hits reported on the website listing, but no in-person visits have occurred. 

Lisa Nolder, PCDI Executive Director has shown the property to an oil and gas company which has expressed interest, but their interest would be heightened only once they begin any regional drilling.  Nolder continued, “They can use the property as a headquarters for about 40 employees.  The buildings would be used for equipment storage, office space and there is also a conference room for their needs, but until any drilling begins, they have no need for that sized property.”   Nolder added that she represents PCDI on local radio talk shows each month, and makes it a point to mention the availability of the incentive property.

New board member, Doug Thrall, who has been in the real estate business for several decades, suggested instead of marking down the property by $25,000, as was done last month, use that money as an incentive when the transaction has closed.  “Most buyers are usually cash short.  It really doesn’t do much good to reduce an asking price to get a buy, but using that money for an incentive, such as improvements on a parking lot, will make it more attractive,” he explained.  He also explained that by selling the buildings separately instead of one block, you can increase the sales price.  Thrall said he has also gotten results using two national commercial websites to list past properties. 

Board members will discuss the best means of listing the incentives property at their next meetings, as the contract with the current realtor will expire this spring.  The alternatives, so far, would be to relist the property with local realtors, or open the bid to Hancock Realtors once more.  PCDI Treasurer Lawrence Brase added that any realtor selected needs to develop a marketing plan to be pro-active and not just list the property waiting for a potential buyer to contact them.   Thrall added that he would be willing to interview prospective realtors to see what type of plans they would have to sell the property before PCDI makes a decision on one.

By Russ Baldwin