SB Friedman has assisted the Felician Sisters with evaluating the highest and best use and disposition strategies for underutilized properties in Illinois and Wisconsin.
At multiple times over the last 16 years, the Felician Sisters were considering the disposition of assets that were no longer needed to advance their mission. Properties included an 85-acre parcel in Kane County, Illinois and lakefront properties in Custer, Oconomowoc, Summit and Wind Lake, Wisconsin. In each case, the Sisters were seeking to optimize land sale proceeds while continuing to be good stewards of the land.
Over the years, SB Friedman has provided a variety of services to the Sisters, including:
- Evaluating the highest and best use of the properties through market and financial feasibility analyses;
- Assessing laws and regulations affecting redevelopment potential and property valuation;
- Providing strategic guidance regarding potential disposition options;
- Estimating achievable sale proceeds;
- Identifying and evaluating brokerage partners;
- Reviewing purchase offers; and
- Negotiating the terms of sale agreements.
Results: In 2007, the Sisters entered into a contract with a buyer at full-development value for a currently farmed property in Kane County. Several Wisconsin lakefront properties were sold by an SB Friedman-identified broker in 2009. As of December 2018, the Summit property is currently under contract.