A Plus For Palo Duro
The current economic volatility does have an upside: “It’s given us the opportunity to do some preservation deals,” says Orvis/Cushman & Wakefield President and CEO John Watson. “Conservation groups have a window of opportunity without any competition from developers, who don’t have the capital right now.”
Last year, Kim and Brenda Gaynor, owners of the Fortress Cliffs Ranch, hired the Colorado-based real estate firm of Orvis/Cushman & Wakefield to find a nonprofit to protect a section of land near Palo Duro Canyon State Park, just south of Amarillo, Texas, that the ranch was selling. In August, Trust for Public Land bought the nearly 3,000 acres for $5.2 million. In turn, it will sell the property to the Texas Parks and Wildlife Department, expanding the state park by about 10 percent.
The land, like the state park, was once part of one of the nation’s largest cattle operations, dating back to the 1870s. At its peak, Charles Goodnight’s JA Ranch had more than 100,000 cows grazing across 1.3 million acres in the Texas Panhandle.
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