Case Study
Overview
Foundry Commercial represented Hudson Realty Capital in the sale of a trophy, 1,040-acre mixed-use development known as Veridea.
Location
Apex, NC
Veridea is a generational investment opportunity located in one of the most dynamic and sought-after markets in the U.S. The development was fully entitled for up to 8,000 residential units, 12 million square feet of commercial development, and 3.5 million square feet of retail, hospitality, healthcare, and civic uses.
CHALLENGES:
The property was not without some challenges, including a lack of sewer capacity and a sewer agreement with the Town of Apex. Additionally, the costs associated with future onsite and offsite roadway infrastructure were of concern, as well as the value of the bulk purchase of a tract of land of this magnitude.
STRATEGY:
Foundry Commercial ran an institutional Call for Offers process that targeted local, regional, national, and international database of mixed-use and master planned developers. Foundry also initiated conversations with the Town of Apex in order to learn their wants and needs in return for sewer capacity to serve the development.
RESULTS:
As a result of these efforts, multiple offers came in that exceeded pricing guidance, allowing Foundry Commercial to advise our client through a ‘Best & Final’ offering process, which qualified and selected the most capable buyer. Foundry assisted the buyer with the necessary steps to underwrite and successfully close on the property, which became one of the largest land transactions in the state at $93,000,000.