Overview

Project acquisition is the prime focus of a real estate developer. Whether it’s a track of land, an infill parcel, a building for use conversion or a portfolio of existing income producing properties, it all starts with the project acquisition. But before that can happen several things need to be done. As mentioned in the Development section of this website, nothing can happen without The Feasibility Study. (See: REDCR – References – The Feasibility Study and REFERENCE – the Highest and Best Use Analysis)

Project Sources

NBD looks for development opportunities from many sources. Some of the more common sources are from the state MLS; online marketing services such as Crexi and Brevitas; planning and building department pending entitlement submissions; existing and new industry contacts: land and property owner direct contact; development and construction companies; and development and construction periodicals.

Purchase Options

Once the developer decides to go to the next level of acquisition, the project needs to be optioned or, in other words, taken off the market. This is done by negotiating an option to purchase agreement with the owner. Sometimes, this isn’t necessary if property doesn’t have a lot of active interest. A good example would be rural land parcel or a conversion building in advance of current urban development.

All contracts to purchase are handle by a North Beach Development sister company North Beach Lots & Land and North Beach Properties (See: www.northbeachlotsandland.com).