Every transaction we handle has its own unique complexities, goals and challenges. The following case studies offer a more detailed look into some of our more interesting projects, including their ultimate results.
Crown Farm
Gaithersburg, Maryland
Seller: Crown Families
Buyer: KB Home of Maryland and Centex Homes
Agents: Rich Samit and Bruce Winston
Sale Price: $137,000,000
Description: 180-acre farm off I-270. Planned for new, state-of-the-art, mixed-use community consisting of 2000+/- residential units and retail/commercial.
Fraser Forbes exclusively represented two national homebuilders in their purchase of the Crown Farm in Gaithersburg, Maryland, for $140 million dollars. 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 over 2,000 residential units, as well as a retail and commercial center.
Lansdowne
Loudoun County, Virginia
Seller: Xerox
Buyer: Centex Homes, Beazer Homes, Van Metre Company, Laing Homes
Agents: Rich Samit, John Protopappas, Mark Anstine
Sale Price: $55,000,000
Description: 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 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 million dollars, therefore reducing the land basis and bringing in an immediate financial gain for the partnership.
Potomac Yard
Alexandria, Virginia
Seller: Crescent Resources (a subsidiary of Duke Energy)
Buyer: Pulte Homes and Centex Homes
Agents: Rich Samit and John Protopappas
Sale Price: $105,000,000
Description: 1,700 +/- residential units/12,000,000 sq. ft. retail/office
Fraser Forbes sold Potomac Yard in Alexandria, Virginia, for $105 million which consisted of plans for 2,000 residential units and 2 million square feet of commercial and hotel space. After initially approaching Duke Energy and presenting them with a deal and letter of intent 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 in the process of accepting a $60 million contract prior to Fraser Forbes' arrival. A $105 million offer was then submitted to Duke by Fraser Forbes, which was immediately accepted. This resulted in a net gain of $45 million in additional profit to Duke.
Evergreen Rural Village (Martins Chase)
Loudoun County, Virginia
Seller: Centex Homes
Buyer: KB Home
Agent: Rich Samit
Sale Price: $62,000,000
Description: 304 single family lots
After exhausting all avenues, Centex could not sell its property and subsequently called on Fraser Forbes for assistance. The division President of Centex called the CEO of Fraser Forbes in hopes of closing a deal within 30 days to meet their fiscal year end. Fraser Forbes reached out to markets local and national and within twenty-eight days found a buyer and closed the deal with $62 Million in cash.
Lake Linganore at Eaglehead
Frederick County, Maryland
Seller: Lake Linganore
Buyer: Calvert Development
Agents: Rich Samit and John Protopappas
Sale Price: $54,000,000
Description: 5,000 residential lots and 1 million sq. ft. 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 one million square feet of commercial space, Lake Linganore was the largest land deal in Frederick County's history.
