We uncover your property's development potential, market it to qualified buyers, and help you sell for maximum value.
A covered land play is when a developer buys a property primarily for the land underneath it, intending to redevelop the site in the future. The existing building or business is the "cover" — it generates income that pays the carrying costs while the developer plans and permits the new project.
If you own and operate a business on your property, a developer may be willing to pay significantly more for your land than what the business income alone would support. You can sell the real estate at that higher value, lease it back, and keep running your business while the developer works through the permitting process. You get paid for the land's future potential today, without shutting down tomorrow.
Simple Example
A car wash on a one-acre lot along a busy suburban corridor generates about $200K/year in net income, supporting a value of roughly $3M.
The current zoning allows 20 units by right, but developers have successfully permitted 40 to 50 units on similar sites in the same town through a special permit process. To a developer who knows the local permitting environment, the land may be worth $5M+.
The owner has been running the car wash for 20 years and has been approached by developers before. Through a sale-leaseback, they sell the land at development value, lease it back, and keep operating while the developer plans the project. The owner captures $2M more than a traditional sale would have delivered.
A disciplined process built around one goal: getting you more than a traditional sale.
Things property owners often ask before reaching out.
We focus on Massachusetts because of the market fundamentals: chronic housing shortage, constrained land supply, and favorable zoning momentum. New regulations are opening doors for density and mixed-use development.
We operate throughout the state with deep expertise in Greater Boston and expanding relationships across all regions.
As we grow, we're exploring adjacent markets. If you're outside Massachusetts and interested in our services, please reach out. We'd like to hear about your market and timeline.
A single-tenant drive-through on a prime corner lot, surrounded by new mixed-use residential. A classic covered land opportunity.
Covered land transactions typically close in one of three ways. The right structure depends on your situation, your timeline, and whether you operate the business on the property.
The property is sold outright, with the buyer acquiring the land and any existing improvements. The developer takes on the entitlement and permitting risk from day one. This is the cleanest structure and typically delivers the highest certainty of close, though the price may reflect the permitting risk the buyer is absorbing.
The sale is structured with a due diligence or permitting contingency, giving the buyer time to confirm zoning viability or obtain approvals before closing. The seller benefits from a higher price that reflects a more de-risked project, while the buyer limits their exposure before committing. These deals often include a non-refundable deposit that steps up over time.
The seller sells the real estate and simultaneously leases it back, continuing to operate the business while the buyer plans the project. This structure is most common when the seller is also the operator. It allows the owner to unlock the land’s development value today without immediately disrupting operations. Lease terms are typically structured to align with the developer’s permitting timeline.
Start with clarity. If your property may be underutilized relative to zoning capacity, we'll provide a confidential evaluation. No obligation. No pressure.