The Gregory Family, owners of the high-profile Montgomery Inn restaurants, decided to begin the process of selling their 102-acre property in Mason, Ohio. Within 45 days, two other team members and I were chosen to market the property. It was 75% zoned light industrial with the balance residential. The family price objectives were to achieve a selling price as close to $100,000 per acre as the market would allow, no matter how long it took.
The industrial market at the time indicated a top sale price of $65,000 per acre. Residential land prices were much higher--but the city of Mason was resolute in that they did not want this site to be developed for residential.
I worked for years on this project, turning away several asking price offers with contingencies for residential conversion. The industrial market did not change much. Family members were kept apprised of the price problem and chose to stay patient in pursuit of a higher return.
Finally, through a broker friend, I secured a possible user who would approach family objectives. The Health Alliance, one of the largest regional managed health care entities in the country, was looking for a campus setting for a mental health facility. Through a long and complex set of application processes, I assisted the organization in convincing the city of Mason that its use was a benefit to the community.
The property was sold to the Health Alliance for $9,524,558, coming reasonably close to the "stretch goal” of years earlier. In fact, considering that the family residence was carved out and donated to a charitable entity, the family actually achieved their original objectives--set by the "Ribs King" himself, Ted Gregory, who was reported to have told family members years earlier, that "this land will someday be worth $100,000 per acre!"
The industrial market at the time indicated a top sale price of $65,000 per acre. Residential land prices were much higher--but the city of Mason was resolute in that they did not want this site to be developed for residential.
I worked for years on this project, turning away several asking price offers with contingencies for residential conversion. The industrial market did not change much. Family members were kept apprised of the price problem and chose to stay patient in pursuit of a higher return.
Finally, through a broker friend, I secured a possible user who would approach family objectives. The Health Alliance, one of the largest regional managed health care entities in the country, was looking for a campus setting for a mental health facility. Through a long and complex set of application processes, I assisted the organization in convincing the city of Mason that its use was a benefit to the community.
The property was sold to the Health Alliance for $9,524,558, coming reasonably close to the "stretch goal” of years earlier. In fact, considering that the family residence was carved out and donated to a charitable entity, the family actually achieved their original objectives--set by the "Ribs King" himself, Ted Gregory, who was reported to have told family members years earlier, that "this land will someday be worth $100,000 per acre!"
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