CHALLENGE

In August 2004 the Book family’s attorney at the time engaged the Colliers team to provide an evaluation of the subject property. The family’s patriarch passed away in February of 2005. In May 2005, the Colliers team was asked to locate prospective purchasers for the property through a competitive bid process. Due to a complicated ownership structure the exclusive agency was not executed until July 2005.

Strategy

Despite numerous complications, the Colliers team was able to immediately source proposals from the pool of most qualified purchasers and ultimately agreed to terms with Kimball Hill Homes for $11.79 per square foot. While their initial charge was to sell just the 24-acre multi-family portion of the property, the 16-acre commercial component contiguous to the multi-family was included.

RESULTS

After a lengthy and tumultuous entitlement process, the closing on 24 acres of the property occurred on May 10, 2007.