ATLANTA (July 23, 2014) - Looks like Stratford Land Co. is about to cash in on the 18,000 acres it acquired from Sea Island Co. in Glynn and Camden counties.
In today's Plots & Ploys column in The Wall Street Journal, reporter Kris Hudson says Dallas-based Stratford has a deal in the works "to sell 18,000 acres in the Georgia coastal resort area of Sea Island for an undisclosed price."
Stratford and a Texas-based partnership paid $57 million for the property in 2010, according to Atlanta Business Chronicle.
Here's the full item. Stayed tuned to find out who's buying the property.
Landslide of Sales
It is a seller's market for residential land in many U.S. markets, and investor Stratford Land Co. has made headway on its plans to sell parcels worth up to $500 million this year.
Stratford, based in Dallas, and a partner on Friday sold a 268-acre swath of raw land in Fort Worth to the Walton Group for $6.6 million. Stratford also has deals in the works to contribute roughly 200 residential acres near San Diego to a joint venture, and to sell 18,000 acres in the Georgia coastal resort area of Sea Island for an undisclosed price.
Stratford has completed roughly $100 million of deals so far this year, following sales amounting to $100 million in all of 2013 and $150 million in 2012. If Stratford completes its projected $500 million of deals this year, it will be left with roughly 56% of the acreage it had at its peak, Chief Executive Phillip Wiggins said.
Many big land investors including Starwood Land Ventures LLC have been selling in the past year on the theory that land prices are nearing their cyclical peak.
"If [all] our sales happen this year, we'll be in the sixth inning, even though the cycle is in the fourth inning," Mr. Wiggins said. "We always want to be a little ahead of the marketplace."