Colliers Wins Billion-Dollar Disposition Assignment

SHANGHAI-Colliers International has been handed the marketing assignment for a 4,000-acre expansion of the Shanghai Seaport, the second-busiest seaport in the world. Colliers is calling it the largest-ever assignment for a US-based commercial real estate firm on mainland China. The land is valued at $1.2 billion, which translates to $300,000 per acre and $6.89 per sf.The land is owned by a holding company that acquired the land from the government. Colliers’ Multimodal Services Group executive director John Carver tells GlobeSt.com the land is meant to serve the new multibillion-dollar Yangshan deep-water port, which is being built in the ocean off the Shanghai coast to handle increasing shipping volumes and increasingly larger container vessels. The acreage Colliers is selling is near the edge of the mainland, where a new 20-mile bridge will bring product to and from the new deep-water port, says Carver. “This will be off-dock acreage to support the harbor [and] will be the only land designated for this use,” he says. “It will be home to carrier lines, shipping companies, automotive companies and other port-related uses.”The first 1,500 acres of land will be ready for sale later this year, which is when the first phase of the new port is expected to be complete, Carver says. Deposits are now being accepted for parcels up to 50 acres. That land should take 12 to 24 months to sell off, after which the rest of the land will be cleared for sale, probably at higher prices, says Carver. Established in August 2004, Colliers’ Multimodal Services Group offers the ocean, air and ground transportation community specialized industry expertise for real estate projects. Services include strategic planning, site identification, barriers of entry, economic incentives, acquisition negotiation, entitlements, engineer and consultant coordination, real property disposition and structured finance.