Who Sells Huge Land Deals?

Even my boss is kind of stumped on this one. The owners of my organization have all agreed to sell our land in a Washington, D.C. exurb; the land is predominantly for single-family homes, townhomes, condos and/or apartment rentals, although there is a piece of commercial (office/retail) land worth about $6 million or so. Combined, the land will probably sell in the $40-50 million range. What major firms/brokers do land deals like this one? I'm open to suggestions. If you have an individual in mind, please feel free to PM me.

 

We are currently finishing up a few plots as you described across the NE. TBH timing is awful. HHC buys and banks. Look for big balance sheets. PM me with details, I'd be interested to take a look if it's off market. I can also point in the right direction if it looks good.

Depending on where exactly around DC, JBG would be usual suspect, Federal Capital Partners, Bazzuto, are local DC firms with pockets and development expertise. I have relationships at all 3.

 
capratecompression:

We are currently finishing up a few plots as you described across the NE. TBH timing is awful. HHC buys and banks. Look for big balance sheets. PM me with details, I'd be interested to take a look if it's off market. I can also point in the right direction if it looks good.

Depending on where exactly around DC, JBG would be usual suspect, Federal Capital Partners, Bazzuto, are local DC firms with pockets and development expertise. I have relationships at all 3.

those are all principals. Not agents.
 
Best Response
Virginia Tech 4ever:

Funny you guys should bring that up. We have a long list of developers/builders that we can call up who we know personally (from NVR to Pulte, Donohoe to Lerner) but there seems to be a big push internally to hire an agent. I'm like, "Uhh, for what?"

If there's a ready, willing, and able buyer who is serious about buying the deal... Bringing it to market is going to put their feet to the fire and make them get competitive to win the deal.

Edit: You could sell it off market without a doubt and still get a solid price. But you will never never if you left in the table unless you open it to every buyer in the market.

I had a flair for languages. But I soon discovered that what talks best is dollars, dinars, drachmas, rubles, rupees and pounds fucking sterling.
 

Just to follow-up on this, most brokers have not been interested in the deal. It could sell for up to $40 million, but brokers, by and large, have not had the skill set to take on the deal and to value the property properly, they have not had the potential buyers that might be interested, or even the desire to take on the deal despite the nice commission potential. This is after mining the top D.C. area brokerage firms and talking to the biggest and baddest players. So was not for D.C. land--this was for D.C. exurban land--the far suburbs. There has just been zero interest among brokers after receiving the details of the deal.

So, we have tried to go the broker route and it appears to have failed. Although we're waiting to hear back from one more group. They asked us to give them 45 days to look at the deal and value the land, LOL!

Array
 

Any estimates on the development timeline? Also basic info on acreage approx percentage split on the zoning. I.e. retail, mixed use, and residential densities. I may be interested.

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 

We're putting something together right now--a 2 page summary. It's taking longer than we had hoped to put the information packet together because of the weather in D.C. this week + MLK, Jr holiday. But I'll follow up with you with an information pack in the near-ish future. Thanks for following up!

Array
 

Mostly they don't think they have the book of clients who would be interested in the land. Plus, the owners want a lot of money for the land, above what I believe is marketable. Add in the fact that it's in the D.C. exurbs and it's just not that desirable of a listing. In addition, the land covers everything from multifamily residential to single-family residential to office to retail, and most brokers don't have the skill set to analyze all the different types of real estate available. These are all the points I made to the owners from day 1 but of course the owners don't listen to me until I'm proven right--and I almost always am proven right. LOL.

If you want a broker to simply list the deal on their website then it's easy--lots of people will do that for the outside chance of a 6-figure fee; but if you want a broker who will value-add for the $250-500,000 fee we will pay then I just don't see it. We have as many potential interested buyers as these brokers would have; in fact, we probably have more.

Array
 

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