Land Acquisition Group
Perry Commercial RE has formed the Land Acquisition Group in response to the dramatic changes in the housing market combined with our expertise and experience in acquiring properties for the development industry as well as marketing properties for sale to developers.
In San Diego County the current market in has little, if any, open space or undeveloped land. At the same time, there is a huge demand for additional housing projects both market rate and affordable. Most local and some regional development companies do not have an acquisitions department or personnel and typically use key personnel to handle this requirement which takes them away from their core expertise.
Perry Commercial Real Estate has key individuals with years of experience in real property acquisitions. We understand what developers are looking for as we have been doing this on behalf of a select group of developers for some time. We have represented national and regional developers in addition to local small scale developers. We have represented sellers of development sites in marketing their assets and portfolios. Thus, we know and understand both sides of transactions.
Our search methodology is effective as we start in the air and ultimately end up on the ground walking the property, the neighborhood, and the area. Typically, we do more than write Letters of Intent. We begin by comparing or determining the appropriate price for a parcel by looking at past sale comparables of similar size in the area. We seek out unlisted properties that fit a criteria agreed to by our clients. We then look at the critical factors to determine whether the property will work including:
- Floor Area Ratios (FAR);
- Allowed Uses;
- Height Limitations;
- Required Set-Backs;
- Allowed Density i.e. number of residential units allowed;
- Parking Requirements;
- Allowed and Restricted Uses.
If a property meets both the clients and our requirements, a Residual Value Analysis is then completed which verifies our opinion of the value of the specific property and provides the client with what they should expect to receive or pay for the property.
Most developable properties are not listed and relatively “undiscovered,” so we research the current owner’s history with the property including:
- How long the property has been owned,
- Amount of debt on the property, and
- Current use relative to area.
We then obtain as much information about the owner to effectively create a meaningful presentation of an offer to purchase.
This process requires time and expertise in order to succeed, and we are committed to do everything necessary to secure properties for our clients.
For more information, contact Linville Martin at 619-501-6410 or firstname.lastname@example.org.