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In 2002, national real estate developer Thomas Enterprises acquired approximately 10,000 acres in southern Sarasota County, Florida that became known as “Thomas Ranch.” Thomas retained the ranch through the economic turmoil of the late 2000’s, continuing the entitlement process and development of the property.Recognizing improving market conditions at the start of 2013, Thomas Enterprises appointed JLL’s Development and Asset Strategy (DAS) team to market their interest in Thomas Ranch, seeking a joint venture partner or outright sale of the property.JLL’s DAS team internationally marketing Thomas Ranch with a suite of branded marketing materials, an electronic due diligence system and a prospect database with approximately 14,000 individual parties. Nearly one dozen property tours culminated in a call for offers that produced a competitive bidding environment and multiple viable deal structures.Thomas Ranch sold in Q2 2014 to Mattamy Homes, a national-scale homebuilder based in Canada, and Vanguard Land, a local developer active southwest Florida, for over $100 million of gross consideration, including land, ongoing operations at Thomas Ranch and bond obligations.Call to action: JLL’s Development and Asset Strategy practice has the experience, expertise and capability to transact on very large land transactions. Contact us to find out how we differentiate ourselves from the competition.
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