A Major Deal
CCIM shares his experiences and insights on his biggest land transaction.
By Stephanie Bell |
In May 2006, Satya N. Voleti, CCIM, associate broker with
Dynamic Realty of Florida in Port Charlotte, Fla., closed the largest transaction in Charlotte County
history, which provided a remarkable return on an investment. Voleti credits
his CCIM expertise and his ability to persevere with helping him to close the
deal and establish himself as a leading commercial real estate professional in
his market. Commercial Investment Real Estate asked Voleti to share his
insights on this major transaction.
CIRE: How did the deal originate and how did you get the
parcel ready for sale?
Voleti: In 2004, I assembled a group of local investors to purchase
a 129-acre land parcel for more than $3.9 million. In 2005, I met with the
investors again and encouraged them to list the property at a sales price of
$26 million. They were stunned by this price, but my analysis determined that
the site had a lot of near-term potential for developers, and the investment
group had faith in my analysis.
researched how to maximize the anticipated sales price and compress the
anticipated due diligence time on the potential sales contract by conducting
the required environmental reports preemptively. As contacts and interest grew,
these documents were shared with prospective buyers.
with local brokers and brokers from Fort
Myers, Fla., and
networked at local CCIM chapter meetings.
CIRE: How did you find the right buyer? Did you get multiple
Voleti: During the 15 months the property was listed, I had
three deals fall through before I found a deal that worked for both the buyer
and the seller. The prospective buyer called me and inquired about the property,
and I immediately faxed the listing information, reports, and land studies.
CIRE: How did you market the property?
Voleti: I used traditional methods to market the property:
The property was listed on CCIMNet and several other
commercial real estate Web sites.
In light of [the property’s] proximity to and visibility
from a major highway, I placed large signs on the three roads surrounding the
property to capitalize on the exposure.
I e-mailed and faxed the listing details to local CCIM
chapters and real estate brokers.
I promptly returned all phone calls and e-mails to make sure
all questions and inquiries were answered in a timely manner.
CIRE: What were the biggest challenges you encountered?
Voleti: The first unexpected challenge I dealt with was the
investors’ and local real estate market’s shock over the listing price. I needed
to show them where I was coming from.
time in due diligence for the prospective buyer also posed a challenge. In
anticipation of this, I had all the necessary reports completed at the expense
of the seller and made them available to potential buyers.
overall complexity of the project due to the size and dollar amount, the
transaction closed in only 105 days.
CIRE: How did your CCIM training help you?
Voleti: My classes at the institute taught me analysis
skills, networking, and how to think outside the box. The moral support and
encouragement I received from my CCIM colleagues also helped me through the
I believe that my designation gave me an edge over other
commercial real estate professionals because of the respect and reputation held
by the institute.
CIRE: What some advice would you offer to CCIMs and other
commercial real estate professionals faced with this type of deal?
Voleti: It is important that people work hard, think outside
the box, and use the skills learned through the institute. It is also
imperative to aim for the big leagues, have strong negotiation skills, continue
your education, and make sure to have some time for yourself. This adds up to a
winning combination. It will pay dividends for you and your clients.