Hanover, Virginia
The Deal
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- + 5+ Acres sold for $888,000 to a long-time client of Commonwealth Commercial.
- + Property prominently located in heart of Hanover Industrial Air Park (HIAP), a well-established park for owner occupants and speculative space.
- + The site was one of the last in HIAP so there were other interested purchasers.
The Hurdles
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- + Property was priced based on an out-of-date development plan.
- + Owner did not want to provide extended due diligence time frame to potential purchasers.
- + Legacy entitled site plan did not address the highest and best use for most institutional grade developers.
Our Results
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- + The CCP team presented the Buyer with a modern development plan in advance of his making an offer to reposition the property.
- + The plan gave the Buyer confidence in a valuation which allowed him to proceed quickly with due diligence and settlement.
- + The team was engaged by the Buyer to market the property, at which time it suggested branding the project as Hanover Commerce Center with a specific target market for sale or lease.
- + Activity the team has generated to date already is exceeding the Buyer’s expectations.
