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Pembrooke

Project Name:
Pembrooke (Victory Lakes)

Transaction:
Sale/Work out for Lincoln Properties, Chicago
(Pembrooke to Miller & Smith)

Use Type:
Zoned Residential / Mixed Use project

Location:
Western Prince William County, Sudley Manor Drive


Project Outline:

  • Lincoln Properties took this 485 acre property back in foreclosure in the 1990’s. The previous owner zoned this property and it had proffers that would run with the land, which presented some concerns at the time.
  • Lincoln Properties interviewed several commercial brokers with the assignment of presenting an analysis and a determination of value and marketing.
  • Weber Rector’s presentation was aggressive, because we knew the land market was “hot” due to the short supply of zoned land in Prince William County at that time. We offered several solutions to several of the major negative proffers.
  • We were selected to market the project and began the marketing in March 2000. Because the market for land was heating up, we decided to use a bid type sale. We selected several dozen National and Regional Builders that were qualified for this size deal and that we knew were honorable. Weber Rector created detailed marketing packages that included proffer summaries, sewer analysis, wetlands and market evaluations. We met with each of the interested parties and made sure they understood the package.
  • We created a contract that each purchaser had to use and any changes were to be done on an addendum for review.

Services Provided:

  • In our marketing package, Weber Rector evaluated the project and presented the cost of development, the existing monetary proffers, and current market conditions to determine an evaluation. In our analysis, we were able to show how this project was ready to go. Weber Rector did a detailed inventory of the availability of zoned lots in the marketplace, showing the lack of supply of building lots, the increase in lots values, the detailed 2-year timeframe for obtaining zoning, and the new monetary proffer increase to $25,000 per building lot. Based on our study, we were able to show that the present monetary costs in Pembrooke and the construction costs involved would be less than having to get a new project of this size approved. This afforded the builder the luxury of having a ready-to-build project while the market was hot.

Value Added by Weber Rector:

  • The client received a qualified buyer at a price more than double of offers sent to them unsolicited. The selling price was approximately $14 million dollars.