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Larkin Estate

Project Name:
Larkin Estate

Transaction:
Sale for Trustee of Property

Use Type:
Multi-use Project Multifamily / Heavy Industrial / Office Flex

Location:
Western Prince William County, VA


Project Outline:

  • The Trustee’s job was to sell the land for the estate at the highest price available. He interviewed various brokers to market the property. He had anticipated a $7 million dollar purchase price for the property based on an appraisal.
  • Weber Rector prepared a market analysis, which recommended a zoning of the property to a mixed-use of multifamily, industrial and office flex. Weber Rector backed up their recommendation with opinion letters from land use attorneys. Based on the location and the market at the time, we felt our analysis was realistic. Our market analysis gave the property a selling price between $11-15 million after rezoning.
  • Weber Rector marketed the property in late 2002 to National/Regional developers. We developed the zoning probability and created a marketing package that outlined the steps for a purchaser to take to achieve this goal. In the terms of sale, we incorporated time for the purchaser to obtain these entitlements.
  • We ratified a contract in March 2003 with Arcadia Development. The contract was subject to the purchaser obtaining rezoning and final site plan approval. We oversaw the contract from beginning to end and settlement was in December 2005.
  • The project spanned over 2.5 years with a final selling price of $13.3 million, which is almost double the unsolicited offer values and within the range Weber Rector had recommended.

Services Provided:

  • Weber Rector made a marketing determination of the highest and best use for the site based on location, current market conditions, and the political conditions at the time. Because of our experience in development, we were able to look outside the box for the use of the property, which made the value to the seller much higher. Before presenting it to the seller, we backed up our market analysis through meetings with our team of land use attorneys, engineers and politicians. It was determined this project this would be best suited for a mixed-use project, yielding the estate a substantially higher price.

Value Added by Weber Rector:

  • Because of our knowledge of the local politics and market and our expertise in land development, we were able to find a qualified purchaser and obtain a final selling price of $13.3 million dollars for the seller, which was much more than any of the other brokers had envisioned.
  • We are pleased to say to this day we are working with this trustee on other estates he represents.