CHALLENGE
A client had a land parcel on the market for an extended amount of time, yet despite initial interest from several large retailers, including Cracker Barrel and Panera, none had been able to make the site work due to the lack of signalized entrance. Each retailer attempted approval from the Department of Transportation (DOT) for a traffic signal, but were unsuccessful. Lack of a signalized entrance was limiting the property for any potential buyer, as well as for the owners of each of the parcels.
ACTION
The client approached Linville Team Partners seeking an experienced brokerage firm, with a connection to developers. Ben Bloodworth immediately recognized an opportunity to engage GEMCAP Companies, LLC, a local developer. Ben proposed GEMCAP buy the property based on their knowledge and experience working with the DOT, as well as large-scale tenants. GEMCAP agreed to purchase the site if a credible tenant was able to lease the property once developed. Ben approached Sheetz as a potential tenant for the site. They agreed, contingent on the addition of a signalized intersection. GEMCAP engaged the DOT and began the process to gain a signalized intersection.
RESULT
Over the course of four years, Linville Team Partners and GEMCAP worked with the DOT as well as neighboring property owners to get approval for a signalized intersection. Working through all of these aspects required persistence.
- The addition of a traffic light at the entrance of the site was completed.
- Sheetz was pleased with a great site in the area they had been hoping to expand.
- The sellers were pleased with the premium price for each of the parcels of land, a goal they had been working towards for a long time.
- GEMCAP was able to purchase and develop land that ultimately secured them a long-term lease with a national tenant.