CBRE|Raleigh to Market New Land Opportunities Along Smith Mountain Lake in Virginia
CBRE|Raleigh to Market New Land Opportunities Along Smith Mountain Lake in VirginiaNew Media Detail
| January 3, 2019
CBRE|Raleigh and Sawyer Properties, Inc. have been hired to market two land portfolios along the Smith Mountain Lake in Moneta, VA. The Smith Mountain Lake Portfolio consists of 4 high density mixed use sites totaling 44.13 acres and The Farm & Hammock Pointe portfolio consists of two approved residential communities totaling 77.76 acres. All the development sites are located within 15 miles of each other and offer frontage along Smith Mountain Lake, a 20,600-acre reservoir stretching through Franklin, Bedford and Pittsylvania counties.
“It’s a rare opportunity to come across property with this kind of lake exposure. It some of the prettiest and dramatic waterfront real estate we have ever come across,” said CBRE|Raleigh’s Carlton Midyette III.
The Smith Mountain Lake Portfolio consists of a 1.49 acre, 3.27 acre, 9.30 acre and 30.07 acre site along VA Highway 122. All of which are zoned for a planned commercial district. These parcels are within one mile of each other offering either individual or large development opportunities for investors.
The Farm & Hammock Pointe portfolio is a residential opportunity that includes 55 planned lots. The development offers both waterfront and interior lots, along with a designated amenity and open space areas.
With an estimated population of 20,000 permanent residents and tens of thousands of tourists and vacationers each year around Smith Mountain Lake, the portfolios provide investors and developers with opportunities to develop a mix of uses including single family residential, multifamily residential, hospitality, retail, office and more.
CBRE|Raleigh’s Carlton Midyette III, Barry Bowling, Chester F. Allen, and Tiffany Hilburn of its Land Services group and Doug Sawyer with Sawyer Properties, Inc. represent the current owner while marketing the property for sale.
CBRE|Raleigh is a CBRE office serving the Triangle region and is a joint venture between local principals and CBRE Group, Inc. The firm assists real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. In 2017, the Raleigh office completed $2.2 billion of sales and leasing transactions. Please visit our website at www.cbre.us/raleigh.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.us.