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News and Information
Leasing and Development
Oct/31/2018

LAO-Tucson Closes on $12.61 Million of Land Sales in Northwest Tucson

TUCSON, Arizona — Will White and John Carroll with Land Advisors Organization (LAO) closed this week on $12.61 million in land sales in Rancho Vistoso and Gladden Farms in Northwest Tucson submarket.

A New York-based land investment REIT, JEN Arizona 32, LLC and affiliate TerraWest Communities (Mike Jesberger) purchased Blocks 5H and 5I (190 Acres) at Rancho Vistoso Neighborhood 5 in Oro Valley for $6.3 million. The buyer plans to plat the parcels for a mix of production lot sizes. The Seller was VP Loan II, LLC.

Richmond American acquired 19 paper lots in Rancho Vistoso Neighborhood 10T for $850,000 ($44,737 perplatted and engineered lot). The 19 lots are a Vistoso infill parcel sold by Tempe-based, Grace Holdings, LLC (Bernadette Wolfswinkel, manager).

“Rancho Vistoso goes all the way back to the 1980’s and 90’s, so Vistoso is some of the best infill in the region at this point. It has a proven track record of some of the strongest pricing power and pace in the Tucson metro area. It is surrounded by supporting amenities, employment and the views and aesthetics of that area are amazing. Homebuilders continue to scout opportunities in that masterplan because they are having great success. As the options become limited in Rancho Vistoso, we expect land to continue to trade at a premium that reflects the strong attributes of the project,” commented White.

Richmond also closed on it’s second deal at Gladden Farms in 2018 for another 105-finished lots for $5.46 million ($52,000 per lot). The lots were sold by the developer, Gladden Phase II, LLC (Crown West Realty, Dean Wingert). Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction and have the marketing assignment on all of Gladden Farms.

“Gladden Farms has closed 347 lots YTD. It is not surprising that new blocks are trading at volume, it is a fantastic community in a strong growth area. North Marana has huge momentum and will continue to capitalize on the constraints of the metro area for many years to come.”

White added, “The great thing about the Tucson market is that it is showing strength in almost every component. We are seeing much better economic news and supply is tight on all fronts which is providing a very stable situation. We like to look at burn rate and this year there has been a big push to affordability and building specs to get ahead of timing concerns and get cost efficiencies. This all leads to the build out of communities faster than everyone was anticipating. Bottom line is we need more land in production in all areas of Tucson or we can simply expect price increase all around from land to housing over the next 24 months.”

For more information, White and Carroll should be reached at 520.514.7454.

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Leasing and Development
Sep/12/2018

Meritage Homes Stays Busy at Gladden Farms in Marana

MARANA, ARIZONA — Meritage Homes purchased portions of blocks 40 and 41 at Gladden Farms Master Planned Community in Marana for $1.4 million ($60,000 per acre) from Crown West Realty (Dean Wingert, member) the developer.

The 23 acres sold with preliminary plat for 119 – 45’ x 120’ SFR lots.

Gladden Farms is a 1,350-acre master planned community in northern Marana, just west of Interstate 10 between Tangerine and Moore Roads. With four homebuilders active in the community, it is one of the most active communities in the Northwest submarket.

Meritage bought its first block of 89 platted lots at Gladden Farms in December 2015.

Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction and have the marketing assignment on all of Gladden Farms.

“Gladden Farms continues to far exceed expectations. The pricing power that the community has experienced in the past 24 months is very impressive,” said White. “Meritage has done a very nice job of looking ahead and securing strong positions in Gladden Farms. It appears to be a good recipe for success.”

“We have several discussions ongoing with existing, and new, homebuilders on future blocks at Gladden Farms II. It looks like it will continue to stay very busy there for awhile,” White added. “There is no question that the north Marana market has heated up. We expect the market-share of this area to grow substantially over the coming years. Gladden Farms continues to be a great example of how to do that”

For more information, White and Carroll should be reached at 520.514.7454.

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Leasing and Development
Aug/13/2018

Tucson SFR lot sales heat up in July

TUCSON, ARIZONA — DR Horton purchased 56 partially completed lots at Farm Field Five for $2.72 million ($48,568 per lot). DR Horton will be joining LGI Homes at Farm Field Five in North Marana, a 224-lot subdivision, a portion of Vanderbilt Farms. Dolphin Partners of Irvine, California was the seller.

KB Home, Lennar, Richmond American, and Meritage all continue to build at Gladden Farms. DR Horton has also started at Fianchetto Farms in North Marana.

There were no brokers involved in this transaction.

A.F. Sterling Home Builders, Ltd purchased four semi-custom home lots from Diamond Ventures at Stone House in Sahuarita for $267,000 ($66,750 per lot). Each are half-acre + lots. A.F. Sterling has purchased 19 lots to-date in this community.

Two rolling option closings occurred on August 1, 2018 at the Sahuarita subdivision of Santa Cruz Meadows. The seller on both was Tucson Land, LLC of Chicago.

Richmond American Homes completed a 50-lot purchase by closing on the final 10 finished lots at a price of $525,000 ($52,500 per lot) on an agreement to purchased 49 lots at Santa Cruz Meadows. Randy Emerson of GRE Partners, LLC represented the Seller and the buyer was self-represented.

DR Horton also closed on an additional six lots under its rolling option at a price of $306,000 ($51,000 per lot).

Randy Emerson of GRE Partners, LLC represented the Seller and Dan Feig of Chapman Lindsey represented the Buyer.

For more information, Randy Emerson can be reached at 520.777.4949, Dan Feig is at 520.747.4000, and Pete Arnold should be contacted for more information on Stone House Development at 520.305.5037.

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Leasing and Development
Mar/28/2018

Gladden Farm sees Phase II coming with Richmond and Lennar

MARANA, Arizona — Richmond American Homes and Lennar Homes teamed up to buy Block 35 and 39, the first sales in Gladden Farms II. Richmond acquired 64-lots for $3,456,000 and Lennar purchased 59-lots for $3,186,000, or $54,000 per finished lot.

Both builders are currently building in Gladden Farms I, to the west of the new Gladden Farms II. See Richmond and Lennar at the Homestead at Gladden Farms website.

Will White and John Carroll of Land Advisors Organization in Tucson handled these transactions and has the marketing assignment on all of Gladden Farms.

“This is an important and exciting event because it is the first lots purchased in Gladden Farms II. This closing will help kick off construction of the next phase of the community, according to White. “Lennar and Richmond American were early in discussions with us about securing additional lots at Gladden Farms and have taken a very proactive approach in the masterplan that continues to show very strong pricing power and pace.”

Gladden Farms is experiencing record home price appreciation and sales pace. The Master-plan’s homebuilders continue to purchase and reload just in time lot inventory.

“We are currently in discussions with several builders on acquiring additional blocks in the Gladden Farms II phase of the community,” said White. “Gladden Farms has a great lot delivery program for the builders and we expect this community to be very busy for the remainder of 2018 and into the future. Tucson’s homebuilders continue to look to purchase lot inventory in the areas they are having success and Gladden Farms is one of the best masterplans in town.”

For more information, White and Carroll should be reached at 520.514.7454.

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Leasing and Development
Mar/23/2018

Petrus Partners Sells 123 Finished Lots in Marana, AZ

Petrus Partners Sells 123 Finished Lots in Marana, AZ

Marana, AZ – Petrus Partners Ltd. (“Petrus”), in association with its subsidiary Crown West Realty (“CWR”) of Tucson, AZ (Dean Wingert, Vice President), has sold 123 finished lots in Phase II of the Gladden Farms master planned community for $6.6 million. Lennar and Richmond American purchased the lots. Will White of the Land Advisors Organization represented the seller.

The Gladden Farms master planned community has over 1,480 constructed single-family homes within the completed Phase I which is fully committed to national homebuilders including Meritage, Richmond American, Lennar, and KB, all of which have active subdivisions open for sale.Phase I will have a total of 1,747 residential units upon build-out. Commercial parcels, totaling 42 acres, have been sold to Fry’s Food Stores (Kroger’s), Walgreen’s and neighborhood shopping center developers.Gladden Farms Elementary School, which opened in August 2015 for grades K-6, is the first computer science immersion school in Arizona.The Marana Unified School District is home to a number of “A+” schools and “National Blue Ribbon” schools, and consistently delivers small class sizes and high test scores. Phase I also includes a regional public park and over 200 acres of private greenspace, trail systems, and recreational facilities.

Phase II of Gladden Farms includes a 633-acre master planned community, situated adjacent to and immediately east of Gladden Farms Phase I. The development is planned for 2,345 residential units – consisting of single-family detached homes, single-family attached homes, multi-family apartment units, commercial sites totaling 123 acres, a 58-acre hospital medical campus (Northwest Healthcare), and over 85 acres of private open space, trail systems, park areas, and recreational facilities. In 2018, Petrus and CWR plan to begin the development and sale of additional blocks of residential lots in Gladden Farms Phase II.

Petrus Partners is the parent company of Crown West Realty, a full-service real estate investment, development, and management firm with offices in New York City, Phoenix, Denver, Tucson, and Spokane. Petrus-Crown West manages a series of discretionary investment funds which own a nationwide portfolio of office, industrial and agricultural properties as well as over 9,500 residential lots. Petrus-Crown West is expanding its activities in supplying finished lots to homebuilders in growing western cities including Phoenix, Tucson, Reno, Las Vegas and Denver.

Petrus actively seeks additional investment and development opportunities in housing and residential land in the Western U.S. Potential investment opportunities should be submitted to Chris Bennett at Petrus Partners.

Contact:Christopher F. Bennett

March 22, 2018(212) 977-3717

cfb@petruspartners.com

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