2

Click here to load reader

05005 Press Release

Embed Size (px)

Citation preview

Page 1: 05005 Press Release

IMPERIUM: Completes Another Record Land Sale | CVS Coming Soon to

North Wylie

DALLAS, March 4, 2016 – Imperium sold the southwest corner of FM 1378 and FM 2514 in Wylie, Texas, to a CVS-

preferred developer in March, 2016 (www.TheShopsOfNorthernWylie.com).

Imperium acquired the property in 2006 through multiple, off-market, simultaneous closings with four property

owners.

This sale is another record transaction completed by Imperium; it represents the highest known unit sales price paid

for land in the trade area.

It is Imperium’s second sale of its north Texas land holdings to CVS’s developer within the last 12 months

(see: Melissa Crossing).

Over the last decade of owning the property, Stephen Schattner, president of Imperium, fought and won several battles

that included: prevention of Collin County’s proposition to realign FM 2514 a mile north; zoning approval to include

multiple uses by right beyond base retail zoning allowances; and self-representation in right-of-way condemnation

hearings that doubled the damage proceeds received from the State.

In 2006, Imperium recognized that the absence of infrastructure and retail zoning in surrounding communities that

converge at this site’s intersection would prevent proximate competition.

No sewer servicing areas of Lucas, Texas and St. Paul, Texas; no retail zoning permitted in Parker, Texas; and no

major arterial intersections for three miles, make Wylie, and more specifically this site, the only viable solution for

commerce.

“Limited to no retail service exists within two miles of this property that serves 15,000 existing residents and nearly

30,000 cars passing by daily; CVS will be the first retailer to capture this market,” said Stephen Schattner, Imperium

president.

Imperium is currently marketing the reminder of the property for ground lease.

In under ten years, Imperium:

Remained debt-free: acquired the asset in an all-cash transaction

Attained 385% ROI

Attained 14.1% IRR

Was 11% higher than the proforma sale multiple

Was $166,000 under budget for construction

Held property tax increases below the cost of inflation (1.8% per annum)

Successfully negotiated utility easements from half a dozen adjacent property owners at no cost

Imported 9,000 cubic yards of earthen fill and completed finish grading at no cost

Page 2: 05005 Press Release

Entitled the property for development including zoning, median openings, driveway construction, drainage

improvements and water/sewer extension at no cost

Defended inverse condemnation against the County at no cost

Maintained asset and property management at no cost

Comparatively, investment of similar risk (reinvested 10-year treasury return over same period) attained 3.42% IRR

or 39.6% ROI.

About Imperium: Imperium is a diversified holding company with focus in real estate investment; real estate and

A/E/C-related services; communications technology; Virtual Presence Device and UAV research, development and

manufacturing; media; healthcare; and agriculture. Over the past 15 years, Imperium has remained debt-free, and for

every asset acquired, has returned profitability or increased investment value.

For more information, contact: Stephen Schattner | [email protected]| 972.385.1907 ext. 301 |

2101 Cedar Springs Road, Suite 1050, Dallas, TX 75201

website: www.imperium-holdings.com