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This was a 546-acre mixed-use project originally planned, zoned and partially developed by Charles Smith Company located at the intersection of Route 7 and Route 28 in Loudoun County, VA. Wells Fargo took the property back and hired CBRE to market it. There was approximately 167 acres of land to sell. The zoning called for high density urban style development and there were significant proffers triggered by the density. CBRE analyzed the zoning and market and recommended deed restricting the density for the parcels we would sell. Land prices at that time justified low density development and there was no premium for extra density, and we found an overlooked condition in the proffers that allowed development at the lower density. We then sold enough land that if it had all developed it would not trigger the expensive proffer conditions. Wells Fargo then processed a proffer condition amendment with Loudoun County further restricting the density of the unsold land bays and reducing the proffer requirements. After that CBRE sold the balance of the remaining property. CBRE greatly exceeded Wells Fargo’s pro forma projections for the sales.
Fairways Office Park
This is a 32 acre office campus site at the SEC of Waxpool Road and Loudoun County Parkway across from the Verizon Campus in Loudoun County. The owners had conceived a project of approximately 690,000 square feet of corporate office and a hotel. However, the market had deteriorated and investors and developers had been out of the market for this type of long term investment, especially at the price we needed to achieve. Within a short time after we were hired we found a user buyer. The price was the highest achieved in Loudoun in 2009.
Regency At Ashburn
This is a 61 acre residential development site at the NEC of Gloucester Parkway and Marblehead Drive, in Loudoun County, VA. The Property is approved for a mix of housing types, totaling 268 age-restricted residential units (including up to 252 market-rate units). The owners had previously attempted to sell the Property without a successful close. Within a few weeks of our market launch, we had several attractive offers, which we were able to compete and achieve an attractive price.
This is a 479-acre vacant land site which has been approved for the development of a mixed-use “town center”. The site is located at the intersection of the Capital Beltway (I-495) and Pennsylvania Avenue in Prince George’s County, Maryland. The site is approved for 3,475 residential units, as well as 1.14 million SF of retail, 3.44 million SF of office and 600 hotel rooms.
This transaction is an REO sale.
The property is currently under contract.
Lee Highway & Nutley Street
This is a 3 acre pad site development at the SWC of Lee Highway and Nutley Street, in Fairfax, VA. CBRE acquired the property, signed ground lease deals with Walgreens and PNC Bank, and sold to a local developer. The developer completed the rezoning process, finished the site, and we sold the property to an investor at a 5.8% cap rate.
This is a 105 acre development site on Loisdale Road, adjacent to I-95 in Springfield, Virginia. The property was zoned residential with a portion of the site contaminated with fill. The property owner desired a streamlined transaction with a quick close. After a short marketing period CBRE had interest from several developers and users, all of which required a rezoning of the property. Because of the seller’s requirement for a quick closing, we selected a user who submitted a competitive price and had strong ties in the community, making a potential rezoning a stronger likelihood. The buyer closed shortly after completion of the study period and completed a successful rezoning thereafter.
- Wells Fargo
- Trammell Crow Company
- Capital One Bank
- Atlantic Realty
- Washington Property
- Eli Lilly
- Volkswagon of America
- Direct Invest
- Cox Communications
- Miller and Smith
- Capital Associates
- Hunter Trust
- Sabey Data Centers