News Desk, Resources

68,000-acre Onyx Ranch in California Sells for $48 million


The Wall Street Journal reports on a huge transaction in California: the 68,000-acre Onyx Ranch in the Sierra Nevada Mountains just outside of Bakersfield sold for $48 million ($705 per acre) to a joint partnership of the CIM Group, a leading urban development group, and Los Angeles-based Renewable Resources Group. Given present credit markets, the acquisition was funded by equity.
News of the closing was first reported last week by the Bakersfield Californian. Cole Frates, a partner in Renewable Resources Group, told the Californian that the ranch, located in Kern County, could eventually become a wind farm capable of producing between 300 and 500 MW. The ranch had been owned by Rudnick family members. Their Rudnick Estates Trust was represented by Steptoe & Johnson LLP.
More:
LA Company close to buying part of Onyx Ranch
LA energy firm closes purchase of Onyx Ranch
Renewable Resource Group
CIM Group

RELATED ARTICLES

News Desk

American Timberlands Acquires 2,000-acre Wadmalaw Island Farm

The South Carolina-based land investment firm paid $18.36 …

News Desk

Ranchers File Antitrust Suit Against Beef Packers

R-CALF USA joined with four cattle-feeding ranchers in …

Print & Gift
Subscriptions Available
Please sign me up to receive breaking news and updates from The Land Report:
Copyright © Land Report LLC. All rights reserved.

Contact to Listing Owner

Captcha Code