All of our land development activities are focused on commercial land, where we see opportunities for build-to-suit or speculative ground-up development and/or opportunities to add value through entitlements and horizontal improvements.
ViaWest principals have experience developing several million square feet of office, industrial, and retail properties on a speculative and build-to-suit basis.
- Build-to-Suit: We purchase strategically-located land sites where we believe tenants will want to be. We make the sites available to tenants/users by constructing a customized building for a user.
- Speculative Development: We identify office or industrial submarkets where demand is outpacing supply, existing property prices are approaching or exceeding replacement cost, and rental rates support new construction.
- Land Contribution to Joint-Venture Development: Some of our land positions have a mix of potential uses to complement the primary uses of the site. In cases where we expect the post-development value of the land to yield significant long-term cash flow, we may seek a best-of-breed developer for the other use and contribute that portion of the land at a market basis into a joint venture development with that developer.
- Entitlement/Horizontal Improvement Value-Add:
In growth markets such as Phoenix, many of the most appealing investment opportunities in real estate are in acquiring attractively-located commercial land, be they smaller or larger sites, with the strategy of adding value by planning, zoning and entitling the sites for ground-up development. Often the end-user or ground-up developer of a property is not willing to take the time or the risk for entitlement and zoning, or may only be willing to purchase a small portion of a larger planned area. Thus, they may be willing to pay a premium to the land developer.