CHALLENGE

The Alexander family began assembling land in the area in the early 1900s and held more than 1,500 acres prior to the sale.  Upon the conclusion of the Alexander’s search for a broker, Colliers International’s Land Group was appointed exclusive agent to sell the land, the most sizable and significant contiguous assemblage for residential development in recent time. In addition to potentially doubling the size of Sugar Grove, this assignment held the challenge of locating the best purchaser capable of satisfying the goals formulated over a 10-year review process by the Alexander family members.  It was critical to determine the most desirable way to convert the property from homestead, farming and cattle operation to future development.  

STRATEGY

The Colliers team had to identify a single developer who could successfully design a community that would honor the Alexander family’s 85-year heritage on the property while concurrently meeting the goals of the Village of East Dundee and the City of Aurora.  Colliers began a competitive bid process with 24 potential purchasers. Five prospects were successfully qualified resulting in a competition between the three most desirable candidates.

RESULTS

After a six-month question, interview and “best and final bid” process, Kimball Hill was awarded the property and contracted to purchase the entire 1,513 acres. In addition, a neighboring farmer, the Farley Family, engaged Colliers to sell their adjoining 96 acres. The Farley property was taken simultaneously through the same competitive bid process, which ultimately resulted in Kimball Hill agreeing to purchase their property for essentially the same terms as the Alexander property.  Both properties had been under contact since November 2003 and completed an arduous entitlement process, which resulted in a closing of the first and second phase of the development totaling 850 acres in August 2005.