After a lengthy and intense arbitration, Judge William A. Bettinelli found in favor of our client, Thomas Enterprises, Inc. by awarding $52,350,000 as the fair market value of 32 acres of land surrounding the Sacramento Train Depot. Previously, Thomas Enterprises had agreed to sell the acreage to the City of Sacramento, but the parties could not agree on a purchase price. The City offered to purchase the property prior to arbitration for $8,200,000.
Thomas Enterprises had purchased the 237 acre Downtown Railyards site (owned for over a century by Southern Pacific Railroad) and sold the 32 acre parcel to the City for the development of a centralized intermodal site, to include all forms of transportation servicing downtown Sacramento and the surrounding area. Judge Bettinelli’s decision represents the final step in the sales process.
Wilke, Fleury attorneys Tom Redmon and Dan Baxter handled the matter on Thomas Enterprises’ behalf.