CASE STUDY
MARTIN FARMS
Challenge
RICHARD PALMITER
T: 952.924.4603
F: 952.831.8023
richard.palmiter@cbre.com
BRIAN PANKRATZ
T: 952.924.4665
F: 952.831.8023
brian.pankratz@cbre.com
The Minneapolis CBRE Land Services Group was selected by one of the country’s
largest national banks to market and sell 150 fully developed single family
residential lots, and 108 acres of undeveloped residential land in Otsego, MN in
April 2008. This property was ready for home construction at the top of the
housing market in 2006, but soon became a causality as the market collapsed.
Working with the client, CBRE was able to assist the client in eliminating
development uncertainties that would decrease the property’s value. Upon
completion of the outstanding engineering and Homeowners Association issues,
CBRE was able to present the best residential opportunity in the area.
Solutions
The Minneapolis CBRE Land Services Group was able to create a comprehensive
market plan to reach local and national homebuilders. As the housing market
improved, Martin Farms became a clear choice to builders and multiple offers
were received.
Results
Working with the client, CBRE was able to determine that Lennar Homes was the
strongest and best-suited purchaser for the property. Lennar closed on a takedown schedule in December 2009, and has out-performed on all subsequent
closings associated to the contract.