GREELEY – Realtec Commercial Real Estate Services on Friday announced that it helped broker the sale of 553 acres of farmland on the north side of Greeley to a group of buyers led by Greeley-based Hungenberg Produce.
According to Weld County records, the sale price was $7.5 million. The seller was Greeley Land Fund LLC.
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The parcel was part of Greeley Land Fund’s 700-acre piece of land dubbed the “Grainery” that sits between AA Street and O Street to the west of Highway 85.
Hungenberg Produce secretary/treasurer Paul Hungenberg said his company plans to put up five new center pivot irrigation systems on the land.
“The soil is perfect sandy-loam for growing vegetables in northern Colorado,” Hungenberg said. “This property will become an important and productive part of our company in the future.”
The Grainery was formerly home to Monfort grain elevators, a transportation center and feedlots. Greeley Land Fund acquired the property in 2005 and 2006 in the wake of Monfort’s sale to ConAgra Foods.
A chunk of 102 acres of the Grainery still owned by the Greeley Land Fund that sits on the north side of O Street has been annexed by the city of Greeley and is zoned for a mixed-use business and industrial park. Realtec Greeley and CBRE are still marketing that property.
“We hope to attract a developer to purchase the remaining property and add the infrastructure to fill the need for permit-ready industrial land in Greeley,” Tim McKenna, a representative of Colorado Springs-based Greeley Land Fund, said in a statement.