Unlocking Covered Land Value Through Strategic Positioning and As-Is Execution

Manassas Park, Virginia

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Project Overview

CPG successfully represented the ownership of Conner Commerce Center, a fully leased industrial property located at 8503–8505 Euclid Avenue in Manassas Park, Virginia.

Recognizing that the property’s highest and best use extended well beyond its existing industrial operations, CPG developed a targeted marketing strategy that positioned the asset as a premier covered land investment. The result was a successful as-is disposition to a multifamily developer who acquired the property and assumed all future zoning, entitlement, and redevelopment risk.

The Opportunity

Conner Commerce Center consisted of a fully leased industrial asset situated on nearly seven acres at one of the primary gateways into the City of Manassas Park.

While the property generated stable in-place cash flow, its strategic location, surrounding growth, and long-term redevelopment potential created an opportunity to unlock significantly greater value through a covered land investment strategy.

Rather than marketing the property solely as an income-producing industrial investment, CPG recognized that sophisticated developers would place greater value on the site’s future redevelopment potential.

CPG’s Strategy

CPG advised ownership to capitalize on the property’s long-term land value without pursuing rezoning or entitlement approvals.

Our strategy focused on identifying developers capable of recognizing the property’s highest and best use while preserving the Seller’s objective of completing an as-is transaction. By transferring entitlement responsibility to the purchaser, ownership avoided the time, cost, and uncertainty associated with redevelopment approvals while maximizing the property’s market value.

The marketing process emphasized the site’s strategic location, existing income stream, redevelopment flexibility, and ability to support a transformative residential community.

CPG’s Role

As the Seller’s exclusive advisor, CPG led every phase of the disposition, including:

• Developing the covered land marketing strategy including architectural renderings & detailed land use analysis
• Positioning the property for long-term redevelopment value
• Targeting qualified regional and institutional developers
• Managing buyer outreach and due diligence
• Negotiating transaction terms
• Coordinating the closing process

CPG’s understanding of redevelopment economics enabled prospective buyers to evaluate both the property’s current operating performance and its future development potential, creating a highly competitive disposition process.

Transaction Highlights

Transaction Type	As-Is Investment Sale / Covered Land Disposition
Client	Confidential Seller
Representation	Exclusive Seller Representation
Asset Type	Industrial / Covered Land Redevelopment Opportunity
Location	8503-8505 Euclid Avenue, Manassas Park, VA 20111
Land Area	Nearly 7 Acres
Occupancy at Sale	Fully Leased
Future Planned Use	Approximately 300 Multifamily Units
CPG Services	Strategic Advisory, Marketing, Buyer Procurement, Transaction Management, Redevelopment Positioning

The Result

The successful sale transferred all zoning, entitlement, and redevelopment risk to the purchaser while allowing the Seller to monetize the property’s embedded land value immediately.

The buyer acquired a premier redevelopment site capable of supporting approximately 300 multifamily residences, while the Seller benefited from a streamlined disposition without investing additional capital or time into the entitlement process.

The transaction illustrates how covered land strategies can unlock substantial value by connecting today’s income-producing assets with tomorrow’s redevelopment opportunities.

Why This Matters

Many of today’s most compelling redevelopment opportunities are hidden within well-performing investment properties. Recognizing these opportunities requires a deep understanding of market fundamentals, land economics, municipal planning, and developer demand.

The successful disposition of Conner Commerce Center demonstrates CPG’s ability to identify assets whose highest value lies beyond their current use. By strategically positioning the property as a covered land investment and executing an as-is transaction, CPG delivered a solution that maximized value for the Seller while creating a compelling redevelopment opportunity for the buyer.

Whether advising on investment sales, land dispositions, or covered land transactions, CPG helps owners unlock value by aligning existing assets with future development potential.

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DEAL TEAM