The Assignment
Commonwealth Land was engaged to sell 4,298± acres of land that spanned four counties and was comprised of 21 distinct properties including timberland, agricultural, commercial, industrial, and residential. Because the properties had been acquired from 1920-1960, disposition of these assets was challenging. A lack of boundary surveys, acrage discrepencies, and complicated title issues coupled with heavy timber components and limited access to some sites necessitated extensive research and due diligence to properly market. The trustee was an existing management client of Broadleaf Forestry, a subsidiary of Commonwealth Commercial Partners. A timber inventory was completed on many of the properties in the summer of 2023. The listing went active in December of that same year.
Our Approach
A strategic team from within Commonwealth Land and Broadleaf Forestry was assembled to employ our research, forestry, mapping, and market expertise to tackle this challenging assignment. Consisting of two foresters, two rural land agents, and two commercial & industrial agents, the firm was confident in this team’s ability to aggressively market these properties toward the goal of generating multiple above-market offers and selling within a short time frame. An individual marketing plan was developed for each property including high quality mapping, photography, email, letters, and personal contacts to area landowners and our database of buyers, sellers, and influencers in the marketplace.
Our Results
We sold 21 tracts within six months at approximately 9% above appraised price and 20% above tax assessment. We were able to reduce cost to seller (fees) on many of the sales by affecting direct sales without engaging co-brokers. We were proactive in reaching out to adjacent and area landowners resulting in many sales to these individuals. We employed an aggressive outreach and marketing campaign to reach hundreds of potential buyers, many of whom were existing CCP clients. Through a proactive and responsive approach after contract, and working closely with the trustee and legal team, only one original contract did not close, which was marketed and under contract to a different buyer within two weeks. We reported our monthly marketing activity and progress in a detailed report to the client which communicated the team’s consistent and aggressive outreach to market this portfolio.
“In early 2023, I found myself responsible for the disposition of 20+ tracts of timberland and commercial properties acquired from the early 1900’s through the 1960’s and held by multiple owners with undivided interests. I immediately reached out to Commonwealth Commercial/Broadleaf Forestry. Within two weeks they pulled together a multi-disciplined team of Commercial and Forestry experts to develop a marketing and sales strategy. Appraisals on all tracts were ordered and with those in hand, the team developed a pricing strategy, developed marketing materials and began the sales process. Within six months of listing, all tracts were under contract on a combined basis in excess of both assessed and appraised value. A great team with deep experience, extensive local knowledge and a proactive approach produced an outstanding result!”
— Trustee
