For Sale. Exclusively Presented By: PEARSON REALTY

Transcription

1 For Sale R iver R anch 900 Shares Lemoore Water Stock 1,180± Acres Drip Irrigation System 465± Acres Mature Pomegranates on Drip 715± Acres Tomatoes on Drip 960± Acres Tile Drain Kings River Frontage Exclusively Presented By: PEARSON REALTY 1,889.82± Acres Kings County, California

2 1,889.62± Acres $17,770,000 DESCRIPTION: This fully developed and income producing farmland includes 1,889.62± acres with 465± acres mature pomegranates ( planted)on drip, and 715 acres open land with in-place drip irrigation. Total acres in drip irrigation of 1,180. There is 960± acres of tile drain. The property includes onsite approved and permitted evaporation drainage basin. Currently the property is farmed to tomatoes, pomegranates and wheat. The sale includes 900 shares of Lemoore Canal and Irrigation Company stock which is used throughout the property. Additional water is supplied from Stratford Irrigation District and John Heinlein Mutual Water Company. The irrigation water is circulated from open canals with lift pumps and five filtration stations. There is one single family residence on the property. The property is zoned for general agricultural uses and has been entirely developed for its current agricultural production uses. LOCATION: The property is located at the corner of Jersey Avenue and Highway 41 approximately 2 ½ mile south of the City of Lemoore, 30 miles south of the City of Fresno and 8 miles southwest of the City of Hanford, California. In the prime agricultural region of the San Joaquin Valley. 205± miles north of Los Angeles and 190± miles south of San Francisco, California. PLANTING & CROPPING: Crop Acres 2013** Production History* Cotton Pima 0 3± bales per acre Tomatoes ± tons per acre Pomegranates 465(Fresh Market) 5.5± tons per acre Wheat 320 3± tons per acre *Production records are available on request. **Farm service agency records available on request. WATER STOCK & ALLOCATIONS: The sale includes 900 shares of Lemoore Canal and Irrigation Company stock. The water is delivered from the Kings River and distributed to onsite canals. Additional irrigation water can be supplied from Lemoore Canal and Irrigation Company on annual rental basis. Water is stored at Pine Flat Reservoir in the name of its district holders. Lemoore Canal and Irrigation Company has a primary service area which includes all of the property and is entitled to priority allocations of water based on annual deliveries. Additional water is provided through Stratford Irrigation District which is a public surface water right for water users in the Stratford Irrigation District. More water is available through John Heinlein Mutual Water Company providing water as a source delivered through the Lemoore Canal and Irrigation Company and these sources can be used anywhere in the Lemoore Irrigation service area. 2010/2012 Water Allocations Lemoore Canal John Heilen Co. Stratford Irrigation Dist AF/share 0.65 AF/share 2.0 AF/share AF/share Unlimited Unlimited Note: In 2011, Pine Flat Dam flood releases lasted from January to mid-july AF/share 0.35 AF/share 1.4 AF/share IRRIGATION SYSTEMS: Irrigation water from all sources is distributed throughout the property by canals then lifted by five diesel motor driven pumps to five stationary filtration systems and directly pumped to subsurface interconnecting canals and main drip pipelines. 960± acres of the property has tile drained land. 1,180± acres of the property is developed with drip irrigation lines providing 715± acres of tomatoes and 465± acres of pomegranates. The tile drain system is pumped to the onsite evaporation basins. These ponds are managed by Westlake Farms and includes additional evaporation drainage water from Stratford Ranch, a CA General Partnership agreement. The entire property has a self contained irrigation system and is well maintained for water distribution, quality and quantity.

3 PERMITTED EVAPORATION BASINS: The 294± acre basin is permitted, monitored and maintained under a Water Quality Control Board agreement that allows current operation. This permit is approved by the Central Valley Regional Water Control Board, County of Kings and the San Joaquin Valley Air Pollution Control District. SOIL: Grangeville sandy loam, Lemoore sandy loam, Lakeside loam and Gepford clay. RESIDENCE: There is a 1,550± sq.ft modern single family residence occupied by owner s employee. At the residence 3± acre site there is a non-working domestic well and an older wood framed general use building for farm storage. Domestic water is supplied from off site provider. LEGAL & ZONING: The entire property is zoned for General Agricultural (AG 20) use, (crop production and related facilities). All legal parcels are permitted uses under the zoning ordinances. The property is enrolled in the Super Williamson Act Tax Preserve. NOTES: 1. All mineral, oil, gas and other hydrocarbon rights are reserved by seller acres for tomatoes is leased for 2013 at $500per acre. Sale will be subject to existing agreement. 3. Solar Option (#1) on southern portion of Section 29 of approximately 200 acres is included in the purchase agreement and is scheduled to transfer by December 31, Solar Option (#2) of 120 acres in Section 5 is at the northeast corner of Kansas and 21st Avenue and buyer will purchase sale property subject to this existing agreement. 4. At the southeast corner of Jersey and 21st Avenue a 3 acre new parcel is being processed with County and will be completed prior to the close of sale transaction. This new parcel has been sold to Solar Company and not part of this purchase. 5. Preliminary Title Reports are available upon request. The sale is subject to all recorded easements, rights of ways and agreements. 6. All permits and approvals for the evaporation basins are current and buyer will take subject to these permits and joint use written agreements with Stratford Ranch, a CA General Partnership. 7. Phase I Environmental reports are available on request. 8. A Residential Life Estate will be provided for employee and spouse of seller. 9. Showing by appointment only. Do not disturb operator or employees. 10. Growing crops can be included in purchase subject to full reimbursement of 2013 growing cost. PRICE/TERMS: $17,770,000 ($9,375 per acre) cash.

4 PROPERTY MAP Highway 198 Hanford 10 miles Kings River (000) X )( Wheat (301) Map Legend Jackson Ave. (302) (291) (292) Pomegranates Pomegranates Sec. 29 Drip Sec. 30 Drip Residence Tomatoes (303) 3 acres out X Drip Drip Tomatoes Sec. 32 Pump & Filter System Field # Sump Pump System Gate Canal Residence Tile Lined Fields Sec. 29 & 30 Tomatoes )( (324) X Drip )( Sec. 5 (055) Wheat Drip Lemoore Canal Drain Pond Drain Pond Not a Part Lemoore, 2 miles Fresno, 30 miles Highway 41 Jersey Ave. Kent Ave. Kansas Ave. * map not to scale

5 PROPERTY PHOTOS 2013 Tomato Crop Pomegranates 2013 Wheat Crop Pressure Irrigation Pomegranates Pomegranates & Tomato Crop Kings River West Side Tomato Field Pomegranate Bloom Drain Basin Residence at st Ave. Lemoore, CA Irrigation Lift Pump & Filtration System Irrigation Drip Distribution Lines

6 APN MAP 120± acres APN

7 AERIAL MAP Jackson Ave Fresno 30 miles Lemoore Kings River Hwy 41 Hwy 5 20 miles

8 I-5 LOCATION MAP Fresno 30 miles Hwy 5 20 miles REGIONAL LOCATION MAP Modesto STANISLA MARIPOSA Yosemite National Park Merced MERCED Chowchilla MADERA SACRAMENTO Oakland Stockton San Francisco Modesto Merced San Jose Chowchilla I-5 Madera Fresno-Clovis Kingsburg Hanford Visalia Lemoore Tulare Sierra Madera National Forest Clovis FRESNO Sanger 180 Fresno 41 Kingsburg Hanford Visalia Lemoore 198 Tulare 46 KINGS Sequoia Kings Canyon National Park TULARE 99 Bakersfield Bakersfield KERN San Bernardino Los Angeles Riverside San Diego FRESNO OFFICE 7480 North Palm Avenue Suite 101 Fresno, CA VISALIA OFFICE 3447 S. Demaree St. Visalia, CA BAKERSFIELD OFFICE 1801 Oak Street Suite 119 Bakersfield, CA CA DRE #