Commercial Greenhouse Sale Comps

[PotsAndPans]

I'm appraising a 700,000 SF commercial greenhouse in CT and am desperate for any national sales of large-scale greenhouses. Relying on cost approach but need a few sales as secondary support. Any comparable sale data would be greatly appreciated!
rob.maloney@yahoo.com

 

[Restrain]

Just a suggestion: When analyzing the sales data, as well as the subject, be careful as to what is real estate and what is the operating business.

 

[Terrel L. Shields]

I suggest you might want to expand your search to include more than greenhouse, perhaps nurseries themselves.

 

[PropertyEconomics]

Without sales how will you determine the appropriate rate of depreciation applicable to your cost approach?

 

[CANative]

18 hits on loopnet in MA

Sold Jan 2011 for $350,000
133 Mansfield Ave Norton, MA$101,156/Acre

Buyer and seller info available

Agricultural
3.46 Acre Lot

Sold Jun 2010 for $700,000
347 Middlesex Rd Tyngsboro, MA$63,120/Acre

Buyer and seller info available

Agricultural
11 Acre Lot
Built 1971

Sold Jan 2010 for $72,500
9 Park St Spencer, MA$368,765/Acre

Buyer and seller info available

Agricultural
0.20 Acre Lot
Built 2001

Sold Nov 2009 for $312,500
134 Main St Norwell, MA$178,571/Acre

Buyer and seller info available

Agricultural
1.75 Acre Lot
Built 1950

Sold Jul 2009 for $285,000
1370 Newman Ave Seekonk, MA$180,382/Acre

Buyer and seller info available

Agricultural
1.58 Acre Lot
Built 1950

Sold Jun 2009 for $1,000,000
1415 Main St Walpole, MA$294,118/Acre

Buyer and seller info available

Agricultural
3.40 Acre Lot
Built 1985

Sold Oct 2008 for $3,385,000
93 Hancock St Lexington, MA$294,348/Acre

Buyer and seller info available

Agricultural
12 Acre Lot
Built 1983

Sold Jun 2008 for $210,000
Oak St Westborough, MA$185,678/Acre

Buyer and seller info available

Agricultural
1.13 Acre Lot

Sold Jun 2007 for $1,250,000
835 Simonds Rd Williamstown, MA$126,135/Acre

Buyer and seller info available

Agricultural
9.91 Acre Lot

Sold Jun 2007 for $380,000
189 Route 28 West Harwich, MA$469,130/Acre

Buyer and seller info available

Agricultural
0.81 Acre Lot
Built 1947

Sold Nov 2006 for $550,000
2238 State Hwy Rte 6 Wellfleet, MA$478,261/Acre

Buyer and seller info available

Agricultural
1.15 Acre Lot
Built 1970

Sold Oct 2006 for $675,000
661 Dartmouth St Dartmouth, MA$507,526/Acre

Buyer and seller info available

Agricultural
1.33 Acre Lot

Sold Aug 2005 for $640,000
166 Pond St Ashland, MA$429,533/Acre

Buyer and seller info available

Agricultural
1.49 Acre Lot
Built 1937

Sold Oct 2004 for $260,000
43 South St Grafton, MA$137,567/Acre

Buyer and seller info available

Agricultural
1.89 Acre Lot

Sold Oct 2004 for $352,500
189 Route 28 West Harwich, MA$435,180/Acre

Buyer and seller info available

Agricultural
0.81 Acre Lot
Built 1947

Sold Oct 2004 for $200,000
275 Harrington Way Worcester, MA$520,959/Acre

Buyer and seller info available

Agricultural
0.38 Acre Lot

Sold Oct 2004 for $250,000
48 Wapping Rd Kingston, MA$416,667/Acre

Buyer and seller info available

Agricultural
0.60 Acre Lot
Built 1965

Sold Jul 2004 for $320,000
190 Lincoln Ave Saugus, MA$542,381/Acre

Buyer and seller info available

Agricultural
0.59 Acre Lot

Found a 2009 sale of a greenhouse facility in Colorado with about 1.2 million square feet. Unfortunately it was torn down immediately and a wind turbin blade plant was built. lol ... sorry.

 

[PropertyEconomics]

1 acre sales or less for a greenhouse that covers more than 16 acres????

 

[Mr Rex]

National sales of greenhouse facilities(sp) are comparable to CT greenhouses? You might want to pick up a Burpee catalog and look at the various grow zones in north america. CT ain't exactly comparable to FL, CA or any of the other states south of CT.:icon_idea:

 

[Michigan CG]

Greenhouse properties are very volatile in this day and age. Lose a contract with Wal Mart or Lowe's and the value of the greenhouse property is the scrap metal.

We had a 200,000 SF greenhouse close because they lost a contract. The industry is controlled by big box retailers.

 

[andy ruffner]

What happens in Virginia is that people build these big greenhouses and it costs a fortune. They go belly up and the second person that comes in and buys it on the cheap actually has the viable business. Seen that happen many times in the last 5-10 years.