After a long, unsuccessful effort to sell the property known as the Mendenhall Industrial Park on Bowen Road, the Simpson County Development District now has a buyer.
The property, a 110 acre parcel of land between Highways 13 and 43 which has been in the county’s inventory for over 10 years, had failed to attract a tenant. It was sold last Friday following the second round of sealed bids.
The site was originally acquired over 10 years ago for approximately $1,000 an acre. A grant from the federal government was used to construct a water tower on the property. The City of Mendenhall was recently deeded the tower along with the pump to operate it.
The development had been leased for storage by a pipe line company, where it was more than paid for at approximately $250,000 in lease revenue. After an appraisal was conducted, the property was offered for sale at the appraised price of $220,000; however, the only bid came in at $110,000, or $1,000 per acre.
The Simpson County Development District determined that the property would be declared surplus and readvertised. Two bids were submitted the second time around. One was from Joe and Britt Magee for $1,400 per acre for a total of $154,000, and a second bid was offered from Jeff Jennings for $202,070 or $2,000 per acre.
The bid was awarded to Jennings as high bidder.
The other option was to refuse the bid and offer the property through a real estate agent, but the District board agreed that the best option was to sell it.
