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  • August 22, 2017

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    SUBURBAN SITES-RESIDENTIAL

    Lake Linganore at Eaglehead
    New Market, Frederick County, Maryland
    Seller: Lake Linganore
    Buyer: Calvert Development
    Lead Agent: Rich Samit
    Sale Price: $54,000,000
    Highlight: Largest land deal ever in Frederick County, Maryland
    Year: 2002
    Description: 5,000 residential lots and 1,000,000 square feet commercial

    Lake Linganore was ready to be foreclosed on. Fraser Forbes brought local developers and Korean investors to buy the company that owned the property. As the client was forced into bankruptcy, Fraser Forbes did a workout with the note holder. Two years later, Fraser Forbes brought in Elm Street Development to be the partner and also brought in Beazer Homes and Craftmark Homes to build the homes. At $54,000,000 and with 5,000 residential lots and 1,000,000 square feet of commercial space, Lake Linganore was the largest land deal in Frederick County's history.


    Wincopia Farms
    Laurel, Howard County, Maryland
    Seller: G&G
    Buyer: Beazer Homes
    Lead Agents: Rich Samit, Bruce Winston and Aaron Lebovitz
    Sale Price: $41,000,000
    Highlight: Highest price for single family and townhome lots in the history of Howard County
    Year: 2013
    Description: 128 acre farm planned for 171 premium single family and 49 premium townhouse lots

    Fraser Forbes was exclusively retained to market Wincopia Farms based on our valuation that the property could yield a sales price above $30,000,000 dollars, a valuation that exceeded Seller or Buyer expectations at the time. Marketing included guided tours of the property and product tours of purchasers' projects. Fraser Forbes successfully cultivated over twenty offers for the Seller. Eleven of the offers were over $35,000,000 dollars and there were two offers over $40,000,000 dollars. The Seller then utilized Fraser Forbes to help them sort through the offers and identify the best prospective purchasers for the property. Follow up meetings with the top prospects were made to understand the corporate support and internal approval process of the buyers. A best and final round of meetings were held with the top bidders at which time deferred consideration and a closing before Record Plat approval was secured for our client.


    Bentley Park
    Laurel, Prince George's County and Burtonsville, Montgomery County, Maryland
    Seller: Artery Capita
    Buyer: NVR, Inc.
    Lead Agents: Rich Samit, Bruce Winston and Aaron Lebovitz
    Sale Price: $28,500,000
    Highlight: One of the first large bulk land transactions since the housing recession of 2009-2012
    Year: 2013
    Description: 320 single-family lots and 65 townhome lots located in Laurel and Burtonsville, Maryland.

    At the time of Fraser Forbes' initial marketing of the property, purchasers were very cautious about acquiring large bulk raw land projects in excess of $20,000,000. But Fraser Forbes was able to cultivate interest from multiple parties through our extensive marketing process, depth of relationships with top buyers in the area, and our in-depth market knowledge of the future supply and demand of housing near the property. Fraser Forbes was exclusively retained by the property owner, Artery Capital, to handle the sale of this asset. The property had several complexities to it which included being located in two different municipalities, Montgomery County and Prince George's County in Maryland. In addition, it had a very large and problematic land development budget that needed to be dealt with.


    Thompson Property
    Fairfax, Virginia
    Seller: Thompson Family
    Buyer: NVR and Timber Ridge at Vienna, LLC (NVR's Development Partner)
    Lead Agents: Rich Samit and Steve Coniglio
    Sale Price: $43,000,000.00
    Highlight: Highest price land sale for townhomes ever in Fairfax, Virginia (Fairfax County)
    Year: 2015
    Description: 16.16 Acres of Land planned for 141 luxury townhomes

    As one of few remaining large parcels in Fairfax County, the bidding process for the Thompson Property was extremely competitive with numerous large, public homebuilders vying for this deal. Fraser Forbes was instrumental in bringing the right team together to win this coveted transaction. Specifically, in collaboration with its network of outside consultants, Fraser Forbes added substantial value for our clients by creating the right business plan for this property. Additionally, our longstanding relationship with the attorney representing the seller enhanced the credibility of our offer. Ultimately, our clients were able to successfully overcome fierce competition and win the bid for this trophy asset due to the collective efforts and expertise of Fraser Forbes sales and advisory teams in conjunction with our clients.


    Symphony Park
    North Bethesda, Montgomery County, Maryland
    Seller: Association of Hearing and Speech
    Buyer: Streetscape
    Lead Agents: Rich Samit and Bruce Winston
    Sale Price: $15,000,000
    Highlight: A very high value and quick expected closing time frame during the peak of the Washington, DC area housing recession.
    Year: 2010
    Description: 112 luxury townhome lots located adjacent to Strathmore Performing Arts Center in North Bethesda

    Fraser Forbes orchestrated a land sale of $15,000,000 in the heart of the real estate and housing recession of 2010. Virtually no large residential land transactions were occurring. With Fraser Forbes at their side, the seller was able to receive a substantial amount for their land and further receive deferred consideration upon home sales which were anticipated to add another $5,000,000 to the bottom line.


    Evergreen Rural Village (Martins Chase)
    Ashburn, Loudoun County, Virginia
    Seller: Centex Homes
    Buyer: KB Home
    Lead Agent: Rich Samit
    Sale Price: $62,000,000
    Highlight: Deal closed in 27 days from initial contract between buyer and seller
    Year: 2005
    Description: 304 single-family lots

    After exhausting all avenues of trying to sell the property directly, Centex Homes realized they needed immediate assistance and called on Fraser Forbes. The division President of Centex called Rich Samit, the CEO of Fraser Forbes in hopes of closing a deal within 30 days to meet their fiscal year-end. Rich reached out to local and national markets, and within 27 days, found a buyer and closed the deal with $62,000,000 in cash.


    Good Counsel
    Wheaton, Montgomery County, Maryland
    Seller: Good Counsel High School
    Buyer: JV by Centex Homes and John Laing Homes
    Lead Agents: Rich Samit and Bruce Winston
    Sale Price: $15,000,000
    Highlight: Complex multi-party land sale and relocation that took seven years to complete
    Year: 2007
    Description: Former location of Good Counsel High School consisting of 14.76 acres that was rezoned for 200 townhouse lots.

    Fraser Forbes was requested to investigate and assist with a strategic plan to relocate Good Counsel High School first. Fraser Forbes conducted an area land search to determine suitable relocation choices. Next, we completed an analysis to determine the strategy, costs, process, team assembly and timeline to undertake this complex endeavor. Fraser Forbes identified the appropriate buyer, helped to negotiate the transaction, and assisted with the multiple steps and several years needed to bring this deal to fruition.


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    URBAN SITES

    Potomac Yard
    City of Alexandria, Virginia
    Seller: Crescent Resources (a subsidiary of Duke Energy)
    Buyer: Pulte Homes and Centex Homes
    Lead Agent: Rich Samit
    Sale Price: $105,000,000
    Highlight: Closing occurred within 90 days of the first meeting with the seller, who was about to acquire a deal in the $65,000,000 range. Fraser Forbes added $40,000,000 in additional net proceeds to the seller's bottom line.
    Year: 2004
    Description: approximately 2,000 residential units/12,000,000 square feet retail/office

    Fraser Forbes sold Potomac Yard in Alexandria, Virginia, for $105,000,000, which consisted of plans for approximately 2,000 residential units and 12,000,000 square feet of commercial and hotel space. After initially approaching Duke Energy and presenting them with an offer from a buyer, Duke insisted that they wanted to sell the property independently, without the help of a third party. Fraser Forbes maintained that Duke would not get the full value for the property. Duke was reportedly in the process of accepting a $60,000,000 contract prior to Fraser Forbes' arrival. A $105,000,000 offer was then submitted to Duke by Fraser Forbes, which was immediately accepted. This resulted in a net gain of $40,000,000 in additional profit to Duke.


    Hillwood Square
    Falls Church, Fairfax County, Virginia
    Seller: Hillwood Square Mutual Association
    Buyer: Avalon Bay Communities
    Lead Agent: Rich Samit
    Sale Price: $38,000,000
    Description: A 20 acre infill property planned for 461 multifamily units

    Fraser Forbes was exclusively retained by 160 individual members of a cooperative. This extensive undertaking entailed pulling together an extraordinarily large number of property owners, finding consensus with sales goals and then commencing with a marketing process that ultimately yielded the owners a buyer and closing that exceeded their valuation estimates. Successful property assemblages like this are extremely rare due to their sheer size and complexity.


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    MIXED USE SITES

    Lansdowne
    Leesburg, Loudoun County, Virginia
    Seller: Xerox
    Buyer: Centex Homes, Beazer Homes, Van Metre Company, Laing Homes
    Lead Agent: Rich Samit
    Sale Price: $55,000,000
    Highlight: First ever large scale multi-builder consortium that teamed up as partners rather than act as competitors
    Year: 1999
    Description: Over 1,000 residential units, land for a new 18-hole Jack Nicklaus golf course and commercial land

    With Lansdowne, Fraser Forbes facilitated the largest land deal of its kind at the time in the Washington, DC/Virginia area. The firm began by approaching Xerox in an effort to facilitate the sale of their excess assets. To support the deal, Fraser Forbes built a team of four competitors in Washington, DC, assembled an unprecedented partnership and structured a deal the likes of which had never been done in the Washington, DC metro area. By building a team of serious buyers, each buyer experienced less risk. Fraser Forbes then sold off 300 lots for over $30,000,000, therefore reducing the land basis and bringing in an immediate financial gain for the partnership.


    Crown Farm
    City of Gaithersburg, Maryland
    Seller: Crown Families
    Buyer: KB Home of Maryland and Centex Homes
    Lead Agents: Rich Samit and Bruce Winston
    Sale Price: $137,000,000
    Highlight: Highest-priced mixed-use land sale in Montgomery County at the time
    Year: 2004
    Description: 180-acre farm off I-270. Planned for new, state-of-the-art, mixed-use community consisting of approximately 2,000 residential units and retail/commercial.

    Fraser Forbes exclusively represented two national homebuilders in their purchase of the Crown Farm in Gaithersburg, Maryland, for just under $140,000,000. Fraser Forbes hand-picked a team of two powerful, publicly traded homebuilders, Centex Homes and KB Home of Maryland, in a highly competitive landscape and successfully facilitated the sale, creating higher value for its clients. The 180-acre farm is one of the last large tracts of land in Montgomery County, Maryland, and will be a new, state-of-the art, mixed-use community consisting of approximately 2,000 residential units, as well as a retail and commercial center.


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    COMMERCIAL SITES

    Edison Tech
    Gaithersburg, Montgomery County, Maryland
    Seller: Edison Tech, LLC & Edison Investment, LLC
    Buyer: Montgomery County, MD
    Lead Agents: Rich Samit, Bruce Winston
    Sale Price: $32,700,000
    Highlight: Very large land purchase consummated during the peak of the Washington, DC area real estate recession.
    Year: 2009
    Description: 220,000 square foot commercial warehouse

    Edison Tech was an existing 220,000 square foot warehouse with redevelopment plans to convert it into a 220-unit residential lot community. As the property was being marketed for a residential development, Fraser Forbes was able to secure a buyer at a considerably higher value at a time when the residential and commercial real estate market was very anemic. Fraser Forbes was able to secure Montgomery County to purchase the property for its existing use. Fraser Forbes exclusively represented the seller.


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    CONSULTING SERVICES

    Portfolio Valuation for Acquisition
    Maryland and Virginia
    Seller: Out of Market Public Homebuilder
    Buyer:
    Lead Agent:
    Sale Price:
    Highlight: Evaluate 40 separate assets comprising the Mid-Atlantic piece of national real estate portfolio; advise client re: bidding process
    Description:

    FFCS evaluated the net present value of forty assets in various stages of the entitlement, development, and construction process. The evaluation of the Mid-Atlantic assets was part of a larger national effort to purchase a large REIT. The assets were scattered across two states and eight jurisdictions and included spec homes, model homes, developed land, raw land, and unentitled land. The client was a publicly traded out of market builder with no presence or experience in the DC MSA. FFCS completed the assignment and provided the client with results in under a month.


    Highest and Best Use Analysis
    City of Frederick, Maryland
    Seller: Foulger-Pratt
    Buyer:
    Lead Agent:
    Sale Price:
    Highlight: After working through the land planning and preliminary plan process in the City of Frederick, FFCS used real-time market feedback to craft a highest and best use strategy that addressed both the existing market conditions as well as the financial constraints of the target builder groups
    Description:

    FFCS worked to develop a land plan utilizing a mix of products that generated the greatest amount of land value while attempting to segment the housing types to best speed absorption. This process included undertaking a development cost exercise as well as organizing a value engineering workshop. Once a “best fit” plan was created the plan was negotiated through the City staff. After the Preliminary Plan was approved and as a result of creating detailed Project cash flows, FFCS realized the Project would not be financially viable to Publicly traded homebuilders under current market conditions. FFCS then worked with the Engineer, the legal team, and municipal staff to create the opportunity to execute a strategy that would both enhance the value and viability of the Project.


    Valuation and Business Planning
    Salisbury, Maryland
    Seller: Griffin Realty LLC (Owner of Milford Ponds)
    Buyer:
    Lead Agent:
    Sale Price:
    Highlight: FFCS provided a detailed market analysis as well as a “go forward” strategy for a moth-balled PUD
    Description:

    Milford Ponds is a partially developed 700-unit PUD in central Delaware. The owner group sought advice on a best course of action for next steps to bring the Project to market. This included an evaluation of the land plan and product mix as well as the amenity program and specific land development line items. FFCS evaluated both the overall Delaware housing market and the unique situation of the asset and provided a cost benefit analysis for several strategies highlighting both the positive and negative attributes of each course.


    Business Planning, Re-entitlement and Valuation
    Reston, Virginia
    Seller: Center for Educational Associations (CEA)
    Buyer:
    Lead Agent:
    Sale Price:
    Highlight: Evaluate and develop a strategy for creating the greatest amount of value for a 27a metro-centric property currently owned by ten individual owner groups ranging from “for profit” businesses to “non-profit” associations
    Description:

    FFCS undertook an exercise that included a general market and legal analysis, land planning, development costing, construction costing, and project phasing to determine the highest and best use potential for an under-utilized 27a assemblage of ten parcels located adjacent to a metro station in the Dulles Corridor. After creating concept plans, FFCS met individually with each of the Owner groups to understand their individual goals and needs. The needs conversation encompassed both future space needs and general financial goals. Based on these conversations as well as knowledge of the market desires of both the development and investment community FFCS provided analysis and recommendations to each member of the Owner group as to what next steps might be in their individual best interests. After making recommendations FFCS followed up with the groups on both an individual and collective basis to help refine their go forward strategy.


    Project Management and Planning
    Howard County, Maryland
    Seller: Greenfield Partners
    Buyer:
    Lead Agent:
    Sale Price:
    Highlight: Represented an out of town owner throughout the planning and sketch plan process for a 184-unit project in Howard County, MD. Acted in concert with the Owner to guide the planning and engineer team as Owner negotiated with County Representatives to obtain Plan Approval.
    Description:

    FFCS acted as the Owner’s local representative for the purposes of planning and engineering a 184 unit, multi-product community named Simpson Oaks, the first project considered under a newly developed County Zone (Community Enhancement Zone). The tenants of the new zone required the Project to substantially contribute to the community. In this case this was achieved by providing an extensive bike and trail system as well as connections to the Robinson Nature Center located along the Middle Patuxent River. FFCS worked to identify and minimize future development costs while positioning the Project for various stages of County approval in as timely a manner as possible.


    Business Planning, Marketing and Asset Repositioning
    Prince William County, Virginia
    Seller: Potomac Landfill
    Buyer:
    Lead Agent:
    Sale Price:
    Highlight: Helped coordinate the application preparation for the Commonwealth of Virginia and the Host Fee Plan request for the Town of Dumfries for the substantial expansion of the gross volume of the already existing Potomac Landfill, which will add as much as $50M in revenue to the its’ bottom line over the life of the landfill.
    Description:

    FFCS worked as part of a Team that included land planners, structural engineers and attorneys to prepare the application and justification for an expansion of the Potomac Landfill that would ultimately triple the amount of landfill volume remaining at the facility. The effort included developing a proposed plan for the adaptive re-use of the site once the landfill is closed. FFCS in concert with the Team created a six-minute movie depicting the growth of the landfill from its current condition till after its eventual repurpose. The movie included layering live video and computer modeling to show views of the site from key perspectives over time. The increase in volume will add as much as $50M in revenue to the landfill’s bottom line over the life of the landfill.


    Contact us today to learn more about how Fraser Forbes can help you.
    Email Rich Samit, CEO at rsamit@fraserforbes.com.