Real estate advisor Bernard Uechtritz, who brokered the deal on the Waggoner Ranch, is now involved in a deal involving the Texas land holdings of New York-based metals manufactuer Alcoa Inc.
Uechtritz, still a Sotheby’s International Realty Global Network associate, is an international real estate advisor for the Briggs Freeman Sotheby’s franchise in Dallas, as well as founder of the recently-formed International Icon Properties, is representing Alcoa in the sale of the company’s central Texas land holdings known as Sandow Lakes Ranch.
The ranch, with over 33,700 acres and valued at more than $250 million, is located within the “Golden Triangle” of Texas, 45 miles east of downtown Austin. The land was once used for its vast lignite mines that were used to fuel electric plants and industrial perations around the state. The mines closed more than a decade ago and the area has since been reclaimed as farmland, open space and lakes. The property has won awards for the reclamation efforts.
The ranch encompasses one of the largest private ground, surface and water rights opportunities available in Texas. The proposed multi-billion-dollar Vista Ridge pipeline by the San Antonio Water System to distribute ground water to San Antonio, once built, will cross the southern end of Sandow Lakes Ranch. From the north end of the property in Rockdale, to its southern end near Elgin, Sandow Lakes Ranch spans 30 miles. The property is a multiple award-winning and nationally-recognized example of land reclamation and environmental stewardship.
“The property has vast mixed use potential from water rights, farming and recreational opportunities, as well as commercial, residential, conservation and industrial opportunities, all with an established turnkey infrastructure, including intermodal facilities,” said Uechtritz in a news release.
The sale will include the land and select improvements, including 100 percent of the proven water rights, as well as 100 percent of owned mineral rights. Once sold, Alcoa plans to lease back portions of the land for its industrial and power generation interests.