The Woodlands, TX
Three adjoining property owners retained Colliers International to market their combined properties. For several years, the owners have had offers in the $2,500-$10,000 per acre price range. Recognizing the growth and development in the area, the owners determined that professional help was needed.
The Challenge:
This assignment presented a very unique set of challenges and circumstances due to the multiple ownerships and differing site characteristics, including approximately 20-40 acres of flood plains for one of the properties, as well as limited options for water and sewer entitlements in the area. The assignment required a thorough knowledge of the market availability and pricing, as well as an understanding of local utility and drainage regulations.
Services:
Based on a review of the individual properties, Todd and his team recommended that the highest and best use for the properties would be to market them as a combined unit versus offering them for sale individually. Based on a review of the comparable sales in the market, the offering price was set at $50,000 per acre and made available for sale via multiple marketing venues. Todd and his team completed a thorough analysis of the individual properties which included several detailed meetings with local engineers, land planners, pipeline companies, and developers to determine potential uses for the property. After thoroughly marketing the property across the U.S., the team received offers from both local and national buyers from Houston, Dallas, California, Florida, Nevada and New Mexico. After choosing the most capable purchase candidates, they began negotiating with multiple buyers wishing to secure the sites. During this process, one buyer separated itself from the group in terms of consistent performance and follow-through. Todd’s team negotiated the purchase and sale terms for the multiple contracts and coordinated the ultimate sale of the multiple properties.
Results:
The closing terms and time frame exceeded the sellers’ expectations. The final sales price was several million dollars in excess of the initial offers received by the owners prior to listing the property with Colliers. The sale allowed The Woodlands to expand their existing development and create additional commercial opportunities along the FM 2978 corridor.
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