Success Stories
Exton/Downingtown, PA – Groundbreaking of the Lowe’s Home Improvement Center
Two pad sites – 234 apartment units and 113,000+ square feet of flex space.
Development Asset Recovery
We have represented various lenders in the conversion of workout properties to cash. Working directly with Asset Recovery managers, we represented First Republic Bank, Fulton Bank, DNB, S&T Bank, First National Bank of Chester County, Susquehanna Bank and Greystone / Tower Bank.
These properties included income producing properties, raw land and development opportunities.
Chester County School District
As student demographics shifted, this School District no longer required two properties being held for future expansion. By collecting and reviewing the available engineering and development documents, we created a comprehensive Property Information Package which enabled us to completely describe the possible reuses of the property and target the most likely Buyer.
The combined sales value is approximately $75,000,000.
Multiple Family Farms
Over many years the Kay Family had acquired acreage in East and West Brandywine Townships, Chester County. To help settle his estate, we packaged 5 farms and sold the development opportunity to Traditions of America, a premiere active adult Builder, who built over 700 units after successfully modifying the existing zoning ordinance.
Open Space Conservation Sale
By combining the funding from the Township, County, State, Federal governments and the Pennsylvania Turnpike in conjunction with Natural Lands Trust, a significant property was preserved in lieu of more residential development adjacent to Marsh Creek Lake.
Troubled Development
Approximately 200 acres in Berks County was stalled because of the presence of bog turtles, a protected species. Cooperating governmental agencies and the Owner agreed to create the only bog turtle “hotel” in Pennsylvania containing 100 acres.
The adjacent 100 acres was sold to individual farmette buyers, and future offsite bog turtle issues can be solved by transporting them from other sites to the “hotel.”
Carlisle Farmer
A local chicken farmer wanted to sell with a fixed closing date and without development contingencies. A regional developer bought the land, simultaneously selling to a builder.
Upon satisfaction of all the contingencies and completion of the improvements, the Builder started construction, achieving strong absorption rates.
Driving Range to Apartments
An investor bought a driving range in Egg Harbor Township, New Jersey, then spent nearly $1,000,000 in development plans for ultra luxury condominiums, which would prove to be unmarketable.
We found a Pennsylvania based apartment developer who obtained the required permits, built, managed and stabilized the project. According to the developer it was the best profit job they had.
Existing Mobile Home Park
In Dover, Delaware a Pennsylvania Investor / Developer bought the property, isolated the existing units and restarted the project as an active adult mobile home development.
As the developer neared a stabilized cash flow, he then purchased vacant land to develop over 800 units of active adult. We located three Builders who purchased improved lots and built out the development with the original developer.
Centreville Maryland Investment Properties
A South Carolina Equestrian Center owner looked to convert his vacant land to cash. One parcel was subject to a residential development contingent on approvals. The other is under option agreement with a solar developer.
Results were immediate cash via option payments and a higher return upon closing after development contingencies were met.
Warren Park, Pennsville, New Jersey,
67 Single Family Lots:
The owner of this partially sub-divided property could not find a New Jersey builder interested in completing the subdivision in an area where there was no measurable absorption of new construction. The owner listed the property with LD. LD found a Pennsylvania-based builder who buys the land and actually sells it faster than the owner can obtain final subdivision. Sale was completed in phases to help in the approval process and seller’s tax treatment.
Houses sell from $ 247,400 to $ 285,400.
Total elapsed time was 33 months from listing to final closing.
School House Village, Smyrna, Delaware
41 single family lots
After trying for years with different real estate brokers to sell a completed subdivision adjacent to his apartment complex, the owner lists with LD who pre-qualifies various builders and selects a major Delaware-based residential builder.
Houses sell from $241,900 to $264,900.
The finished development had a positive impact on the surrounding communities’ values and the town was happy to have the lingering half built out development completed.
Commercial Acreage, Exton / Downingtown, Pennsylvania
Second generation owners of what became, with new road construction, very valuable real estate, listed with LD. LD reviewed and studied the existing zoning ordinance identifying allowable uses in the two municipalities. LD listed the adjacent property to “pound out” the developers. Upon a very successful completion, this project includes a Lowe’s Home Improvement Center, 234 upscale apartments, 113,000 square feet of office /warehouse flex space and 2 pad sites in front.
LD identified 51 possible buyers, got the Property Information Package (PIP) to these buyers, selected the final list to 6 prospects and helped the owners decide the best buyer to meet their goals.
86+/-Acres, Ellis Family Farm, Kennett Square, Pennsylvania
Mom and Dad still lived in the large stone family homestead with a huge well-kept barn. A sister lived adjacent to this property. Stipulations were that a large forested area had to be retained as open space–as did a large manicured pond area. The owner was preparing to sign an offer with a developer but instead listed with LD, who worked through the family goals, including the Brandywine Conservancy. LD targeted 35 possible builders, reducing the prospects to 6 finalists, and helped the family decide which builder would complete the development as the family envisioned. The final price was twice what the developer offered.
Nineteen building sites were approved and houses are selling in the $1,000,000+ range.
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