A Reno corporation purchased 93 acres in north Douglas County for $6.1 million for future residential and commercial development, a broker who worked on the deal said Wednesday.
Johnson Ranch Partners purchased the northeast-corner parcel at Highway 395 and Johnson Lane from Martin and Susan Johnson. The sale of the land and water rights closed Nov. 18.
"There are no immediate plans for the land," said Dewey Struble, a senior advisor with Sperry Van Ness in Reno. "The owners have other holdings in Northern Nevada, some of which they are building homes on. Others are in the entitlement process. Some is just real estate to hold. They also are doing some joint-venture development transactions. This one has no immediate plans identified."
Charles Markley and Martin Hudler are the managing members of Johnson Ranch. According to Secretary of State records, both men live in Oregon and have several business entities in Northern Nevada. The partners worked on the Bella Rio residential development in Reno.
The 93 acres is zoned for agriculture and rural residential. It has one single-story home on it. Its total assessed value in 2004 was $165,923, according to Douglas County assessor records.
Pat Schweigert, a broker with ERA Realty Central of Sparks, who represented the sellers, said the Johnsons are longtime Carson Valley residents who decided to retire in Reno and do some traveling.
Struble said the land may evolve into a mixed-use development because of its prime location near the highway. He said the buyers were looking for a location such as this for more than a year.
"They are knowledgeable and experienced people who will do what's best in the long term for the area," Struble said.
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