Plum Creek property sells at

RAPID CITY, S.D. – The second bid turned out to be the final one in Tuesday’s auction of 130 acres of commercial and residential property in the Plum Creek Development off Jolly Road. As a result, the property sold for $2.75 million to JR Ventures of Rapid City.

“It was short and sweet, with the emphasis on sweet,” said Craig King, president of J.P. King Auction Company, Gadsden, Ala., which managed the sale. “We got the job done and got a solid, strong price for the property, which probably is good news for the owners of other properties in the area,” he said.

Nine bidders came to the Holiday Inn Rushmore Plaza for the auction, which was also attended by a number of brokers, investors and others. Bidders and others milled about the ballroom enjoying hors d’ oeuvres and listing to live keyboard music as the auction time approached.

The property was offered in two parcels – one 71± acres and the other 59± acres – and as an entirety. “The buyers were an investor group that really wanted the property, and they got it,” said King.

JR Ventures is a partnership of Gene Johnson, co-owner of Security Bank, Sioux Falls, and Ray Elliott, who was one of the original partners in Double E LLC, which had decided to dissolve and sell the property. The other partner in Double E was Owen Emme, president of Summit Construction Company.

King said the buyers had not indicated what plans they have for the property, which includes approximately 25 commercial acres and approximately 105 acres zoned LDR2, a residential designation that permits up to four dwellings per acre.

“With the Southeast Connector running right through this property and 42 residential home sites already being built out, this clears the way for further development in the area. I guess we’ll just have to wait and see what that will be,” said King.

“A number of guests mentioned they were here to see the auction process in action to evaluate its potential for selling their properties, and they seemed impressed with the outcome,” said King.

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