Developer wants my property, but !

[Steven A.]

Hey guys first time poster here....

I own a 3 acre parcel with a small strip mall on it that is 4900 sq ft and is fully leased, its zoned B4, and in our area that is hi-way business.

Next to my property is a 24 acre parcel with B4 zoning that a developer wants to buy, his problem is it sits on the corner of 2 State hi ways, and the DOT wont let any developer have an entrance, its just to close to the traffic light, and a long time ago DOT bought easements, and other stuff.

This is where my problem starts, and where I need some advice.

Sellers want to sell the 24 acres, but anyone that buys it will need my land for access.

all the developers that want the corner want to give me 100K an acre for it, but dont want to give me anything for the building becuase they say there going to level it.

A commercial broker listed their 24 acres, but had them reduce their asking price by 500k telling them I was going to be hard to deal with because I wouldnt take 300k for my 3 acres with my building.

My property brings in 40k clear a year, but could be up to 60k if they develop next to me with something nice, plus I have room for another strip if I wanted and saw need

I own it free and clear, so I dont need to sell, but I cant see taking 300K.

Every broker and developer that comes by starts off with how bad things are, and how I should be glad to be getting anything.

Thoughts

[Ralph S.]

Do you want to sell? I think sitting on a free and clear $40k net per year property is pretty good. Clearly requires a premium to get you to give that up.

If you do, certainly don't listen to anything they have to say about price. If $300k wasn't a sweet deal for them, they certainly wouldn't be there, and if the neighbors gave up $500k in listing price, there ought to be more, if not much more in there somewhere, for you.

Location, location, location. I'd say 24 acres without highway access might as well be in the boon-docks, next to worthless. On the other hand, who cares about how many acres you own, you own the access.

Perhaps your three is worth more than their twenty four......think?

Don't get bogged down with 3 versus 24, when it comes to price. You own the key to the development. That's one for you, zero for anyone else. As long as there is no other alternative, all they own is farmland.

I don't see a problem here at all. No matter what you do, you win. Well, unless you let them bamboozle you.....