Ritchie Bros. Auctioneers to Sell Land near Proposed Union Pacific Facility in Brighton

. September 20, 2007

More than 36 acres of land located less than a mile from the proposed Union Pacific facility in the Brighton-Fort Lupton area will be sold at an unreserved Ritchie Bros. auction on September 25, 2007. This means that the land – which is actually owned by Ritchie Bros. Auctioneers – will sell to the highest bidder on auction day, regardless of price – with no minimum or reserved bids.

“The question on everyone’s minds is why would we sell this property now – and especially in an unreserved fashion,” says Clay Tippett, Vice President of Marketing & Customer Relations at Ritchie Bros. Auctioneers. “We had outgrown our auction property in Brighton and moved to our new 160-acre auction site in Longmont last April. Truly we feel that selling this property in our unreserved auction will expose it to the maximum number of interested buyers. We think it’s the best way to sell real estate and are excited to see who the new owner is on auction day.”

The Company has heard from more than one source that the property near a potential location for a new intermodal, bulk-commodity loading and switching center can be very desirable.

“In terms of overall economic and fiscal impacts for Weld County, we are estimating that the proposed relocation of the Union Pacific facility and all rail-related development surrounding the area will generate $3.1 billion dollars over a 10-year period,” says Patricia Silverstein, President of Development Research Partners, the economist hired by Union Pacific Railroad to examine the economic impacts on the area if the rail facilities are relocated. The impact includes payroll, company and employee spending patterns and construction activity for new office, retail and industrial development around the site.

Silverstein says that if Union Pacific relocates, it is a case of, if you build it – they will come: “Absolutely. We are looking at 13.7 million square feet of non-residential development that could potentially be developed around that proposed Union Pacific site.”

The former Ritchie Bros. auction site near the proposed Union Pacific relocation encompasses two parcels at 821 County Road 27, Brighton, Colorado. The 29.5+/- acre parcel is zoned heavy industrial and the remaining 7+/- acres is zoned agricultural. The site features numerous improvements, including five buildings totaling 57,000+/- square feet. Located on Highway 85, 20 miles from downtown Denver and 25 miles from Boulder, the property offers high visibility and close proximity to transportation routes. The two parcels will be sold as one auction lot.

Ritchie Bros. Auctioneers’ former auction site in Brighton will be sold on Day One of a two-day unreserved industrial auction that will be conducted September 25-26, 2007 at the Company’s new auction site in Longmont.

The two-day unreserved public auction starts promptly at 8:00 a.m. on Tuesday, September 25 and Wednesday, September 26, 2007. Registration is free; photo identification is required. The Ritchie Bros. property will be sold at approximately 11:00 a.m. on Day One (Sept. 25). Like all Ritchie Bros. auctions, the sale will be completely unreserved – meaning everything sells to the highest bidder on sale day, regardless of price. There are no minimum bids or reserve prices. Everything is sold “as is, where is.” Registration is free. More information, including photos of real estate and equipment in the auction, is available at www.rbauction.com.

Category: Auction News

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