FORTUNE BUILDING

Business plan: entitle the site for a 24,000 s.f. industrial building with ample dock loading and high quality architecture. We received entitlements over a 12 month period and put the building in a “permit ready” by processing construction drawings. We were contemplating developing the building on spec when we received an outstanding offer for $1.3M from an adjacent land owner. The sale purchase price of was a record-breaking value for comparable small industrial sites in the market.

  • Description of real estate: 1.24 acres of vacant land
  • Date acquired: October 2014
  • Purchase price: $505,000 ($9.35 psf)
  • Date sold: May 2016
  • Sale price: $1,300,000 ($24 psf)

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