ATLANTA–(BUSINESS WIRE)–UC Asset (OTCQX: UCASU), a real estate investment and redevelopment company, announces that it has entered into a non-binding Letter of Intent (LOI) through its wholly-owned subsidiary Atlanta Landsight LLC, to sell its 72-acre farmland located in Farmersville, TX for a consideration of $1.3 million.
UC Asset, through its wholly owned subsidiary, acquired that farmland at the price of $805,216, in September, 2016. As of June 30, 2020, the total historical cost occurring to UC Asset in holding this property (including commissions, taxes, consulting fees etc.) is approximately $55,000. Gross rate of return is approximately 55% for the period.
“This property had been a great investment for us in sense that we are now selling it at a reasonable price and can still earn a good return,” explains Greg Bankston, managing partner of UC Asset’s GP. “The price we paid in 2016 was 4.2% lower than the price this property had been purchased nine years ago.” The land was sold last time at approximately $838,000 in 2007.
The potential buyer is Puration, Inc. (OTC: PURA). “We are excited to proceed with this Farmersville purchase in conjunction with our new Farmersville Brands strategy,” said Brian Shibley, CEO of Puration. “Farmersville is a short distance north of the Dallas metroplex and an ideal location for our hands-on, lifestyle brand strategy.”
According to the LOI, PURA propose to acquire the farmland by paying $100,000 in cash, and another $1.2 million in form of secured note. The note will be pledged using the purchased farmland as collateral.
About UC Asset LP
UC Asset LP is a limited partnership formed for the purpose of investing in real estate for development and redevelopment, concentrating in metropolitan areas of Atlanta, GA and Dallas, TX. For more information about UC Asset, please visit: www.ucasset.com
About Puration Inc.
Puration, Inc. previously had been a water purification company that began to explore and develop new business opportunities focusing on the emerging Cannabis Extractions Sector. In July 2015, the Company entered into an agreement to acquire certain health & wellness joint ventures from North American Cannabis Holdings, Inc. resulting in its current product line of CBD infused bottled flavored water products. The Company is focused on growing the distribution and sales of its product line both domestically and internationally. For more information on Puration, visit http://www.purationinc.com
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