3 Keys to Land Acquisition SuccessApril 20, 2017Land AcquisitionBy: Vivian NguyenShare: TwitterFacebookLinkedInEmailLand acquisition success is about relationships, timing and market knowledge. Here are some of the key aspects of a successful effort illustrated by an example in progress.The New Warner Center PromenadeThe recent unveiling of the Warner Center Promenade, a $1.5 billion project to replace struggling Westfield Promenade, illustrates an area that is undergoing regentrification, and land acquisition specialists will have been reviewing land ownership information, F.A.R., and zoning carefully since the inception of the idea. Now with a design concept underway, the area is highly competitive for brokers and capital investment. The construction of the Promenade development is expected to occur over four phases, starting in 2021 and concluding in 2033, giving way to plenty of opportunities in and around the area.How Land Acquisition Teams SucceedLand acquisition teams spend a lot of time “windshielding” to identify areas of under-utilized land. They monitor sale transactions and analyze land ownership. Using a data visualization tool like LandVision we can see that in the last 6 months, the non-residential transactions in and around the area illustrate that there have been several parcel assemblages acquired. The parcel sales are outlined in green on the map below. New Apartment Parcels Built After 2005Reviewing the multi-family REIT activity, there are several larger institutes that have recently planted flags in the area. In fact, there have been over 3,500 units placed in this market area since 2005. The apartment parcels that have been built after 2005 are outlined in green on the map below.A New Parcel Under New OwnershipIn addition, to the multi-family development, the site directly north of the pink highlight parcel had several buildings on it that were built in the late 1970s. In 2014 there was an assemblage made where four separate parcels were obtained and resubmitted in 2015 to create a new parcel under new ownership and construction began. Today the entire area is now new storefronts. All this activity was instrumented and planned with the vision of an area that is positioned for economic and social change.So How Do These 3 Keys Combine to Create Value?Using Landvision to identify opportunities can clearly help land acquisition teams gain insights and track market activity. The access to data interlaced with mapping and market knowledge can elevate a land acquisition team to strategically make strong business decisions and position their company’s future revenue growth.You might also like:How Builders and Developers Discover Off Market Real Estate OpportunitiesAmazon and Whole Foods Market: Site Selection Model for SuccessWant to learn more about how Digital Map Products can help your business easily gather and manage location data? Click here to contact us.