By Anca Gagiuc, Associate Editor
The decreased activity and exploration in the Permian Basin has pushed companies toward finding new business opportunities. One such case is Taylor Consulting (TAYO) of Pennsylvania; the company plans to pursue the undervalued assets energy companies are leaving behind.
“Domestic crude explorers have pulled back drilling rigs for 10 straight weeks, and oil-service companies are definitely feeling the pinch, too,” said Taylor Consulting’s CEO, Scott Wheeler. “We think that’s going to lead to some inevitable property divestitures, and Taylor Consulting is primed and ready to scoop up some good deals in a region where we continue to have a lot of success.”
Taylor Consulting created its real estate division dubbed Third Avenue Development (TAD)—a premier hybrid real estate investment and development company that seeks to acquire distressed properties, under-performing mortgage assets, and raw land for development. TAD is focused on accessible housing for new and current residents, temporary and permanent solutions; and infrastructure development, bricks and mortar based services that are coming up short.
In 2015 the company sold at a profit multiple properties in West Texas. Going forward, the company is interested in reinvesting some of its profits into new real estate opportunities, available throughout the region due to the oil slump.
Image courtesy of Third Avenue Development