In July 2011, Dutra-Cerro-Graden closed the sale of a complex 71.6 acre agricultural property in Watsonville on behalf of Salesian Society, a Roman Catholic religious order based in San Francisco. The Dalton Lane property sold for $2.8 million to an institutional agricultural investment group that required a 5% return on the property. The property had an existing lease to a commercial farmer that was well below market which needed to be restructured in a manner that would both retain the tenant and satisfy the required investment, as well as existing leases on some residences located on the property that were being leased by the farming group. To achieve the 5% required return, these leases needed to be restructured in a manner that achieved both the required return on investment by the buyer, as well as an acceptable purchase price based on a recent appraisal.
About Salesian Society Salesian Society is a Roman Catholic religious order founded in the late nineteenth century by Saint John Bosco. The Salesians’ charter involves “the exercise of spiritual and corporal works of charity towards the young, especially the poor, and the education of boys to the priesthood”. Salesian communities primarily operate shelters for homeless or at-risk youths; schools, technical, vocational, and language instruction for youths and adults; boys’ clubs and community centers. The Salesians operate high schools in Richmond, CA and Southern California (Los Angeles).