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Case Studies / Burl (Development Site)
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Burl (Development Site)
Record-Breaking Sale of Shoreline Land Assemblage Amid Pandemic Challenges
- Guided eight separate land owners through sales process to prominent developer
- Achieved record sales prices for each land owner
- Closed the transaction during the COVID-19 pandemic, after first buyer walked away
Case Study
Challenge
The ownership group aimed to assemble their parcels into a single land sale and set a new pricing record in the newly upzoned Shoreline market. The sales process started as the market prepared to accommodate light rail, yet the intended closing period coincided with the COVID-19 outbreak. After several extensions to the sale contract, the original buyer backed out of the transaction, creating uncertainty for the group of landowners.
What we Did
Our team swiftly sourced a new institutional quality buyer capable of stepping into the previous buyer’s shoes without any price reduction. We focused our attention on a buyer that had the capability and capital to close on the sale despite the pandemic backdrop. We structured a sale that met the needs of all parties, in total over 14 decision makers.
Result
The sale concluded within 12 months, setting a new pricing benchmark in the Shoreline market. Our successful navigation of this complex assemblage amidst challenging market conditions not only met each ownership group’s expectations but also highlighted our ability to adapt and deliver results in uncertain times.
“It was exciting result to work with 8 different homeowners in this complex assemblage, setting a new pricing record in Shoreline and allowing each homeowner to nearly double the value of their home by selling their properties as part of a large, mixed-use development site.”
Dylan Simon
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