Ralph N. Borelli Chosen as CoStar Broker of the Year
CoStar Group names Borelli as 2005 Power Broker of the Year based on transactions representing 500 acres and more than $136 million in total value
San Jose, California, April 24, 2006 — It takes a special skill set to broker land transactions in densely populated, land-scarce Northern California . According to CoStar Group, Inc., a leading provider of information services to commercial real estate professionals, Ralph N. Borelli, president and CEO of Borelli Investment Company, has what it takes. Borelli has been chosen as a CoStar Power Broker regional winner for 2005 based on his completion of ten land transactions totaling nearly 504 acres and valued at $136.1 million — virtually all of that in the San Francisco Bay Area.
“It’s very flattering to be honored by an organization such as CoStar, which supplies critical information to brokers and developers throughout the U.S. and U.K.,” said Borelli, president and CEO of Borelli Investment Company. “We specialize in putting together often complex land transactions for residential developers interested in providing much needed housing in the Bay Area. It’s not uncommon for one of our land transactions to involve extensive entitlement work to obtain the permits and approvals necessary for a project to proceed. Our considerable experience with land deals over the past five decades gives us an advantage on these kinds of challenging deals.”
One of Borelli’s most significant land transactions in 2005 was his brokering nearly 50 acres of surplus property owned by Santa Clara County near the Elmwood correctional facilities in Milpitas. The county had originally purchased approximately 100 acres of farmland in 1884. The Elmwood facilities were constructed in the 1960s, with the surplus land kept for future expansion. When the county decided to sell the property, Borelli Investment Company worked closely with the three parties involved-Santa Clara County, the City of Milpitas (and its Redevelopment Agency) and the eventual buyer, KB Home—to broker a transaction that was a win for everyone.
KB Home will construct 800 single-family homes, townhomes, and condominiums on the site. In the meantime, the county will retain long-term leases on a portion of the property that will be occupied by automobile dealerships. And the City of Milpitas will benefit from the significant boost in tax revenues.
Among Borelli’s other noteworthy land transactions in 2005 were:
- A 360-acre parcel in Oakley, purchased by KB Home to combine with an adjacent property for a large, master-planned new home community. Because of a short escrow and significant entitlement work that needed to be done, Borelli Investment Company arranged for a short-term, land-development joint-venture partner. This allowed the escrow to close as scheduled without violating KB Home’s corporate guidelines against purchasing property with unresolved entitlement issues.
- A ten-acre portion of the old Hacienda Gardens Shopping Center on Meridian at Foxworthy in San Jose, which well-known homebuilder Toll Brothers will use to build a 200-unit luxury townhome complex called Willow Glen Place. Using a structured, orderly distribution process, Borelli Investment Company was able to significantly increase the value for the seller, while maintaining a fair market price for the buyer.
- The sale of almost 30 acres of land from the Guglielmo Winery in Morgan Hill to a well-respected local commercial developer.
- The repositioning and sale of a former 18-acre storage yard for Union Pacific Railroad on East Williams Street in San Jose to KB Home for a new home development. Facing significant environmental work before the property could be sold, Borelli Investment Company helped find a company to guarantee the cost of the clean-up – mitigating the risk for the buyer, and allowing the sale to proceed.
The CoStar Group Power Broker awards (scroll to the bottom of their page), which are co-sponsored by Real Estate Forum magazine, recognize the top brokers in more than 45 major markets across the U.S. and the U.K. Brokers are selected based upon information on billions of dollars in lease and sales transactions, which are tracked in the firm’s comprehensive brokerage database.
“Our expertise in land sales is something we take great pride in,” Borelli remarked. “We go beyond what the typical real estate broker does, drawing upon our extensive experience to bring transactions to a successful conclusion for all parties. This award helps to further validate the uniqueness of our offerings to land owners and residential developers.”
Borelli Investment Company is one of the oldest commercial real estate firms in the Santa Clara Valley with more than 50 years of experience. The company provides a full range of commercial real estate services — from development and construction management to land sales and consulting for sales and leasing. More information about Borelli Investment Company’s services may be obtained by calling (408) 453-4700 or visiting www.borelli.com.
Contact: Ralph Borelli, CEO Borelli Investment Company 1770 Technology Dr. San Jose, CA 95110 Ph: 408.453.4700 Fax: 408.453.4636 E-mail: firstname.lastname@example.org