CROWN WEST POSSESSES BROAD CAPABILITIES IN ALL FACETS OF COMMERCIAL, RESIDENTIAL, AND AGRICULTURAL REAL ESTATE.


Offices Offices

Crown West Commercial Group
Crown West Commercial Group
Crown West Commercial Group
News and Information
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.

Read More »
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.

Read More »
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.

Read More »
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

Read More »
Leasing and Development
Feb/28/2018

Petrus Partners Sells 376 Finished Lots in Gold Canyon, AZ

Gold Canyon, AZ – Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), has sold 376 finished lots in Phase I of the Peralta Canyon master planned community for $23.2 million. Six leading homebuilders including Lennar, Cal-Atlantic, Gehan Homes, Beazer Homes, David Weekley Homes, and KB Home purchased finished lots in the master planned community between June 2017 and February 2018. Bret Rinehart and Ryan Semro of the Land Advisors Organization represented the seller.

Peralta Canyon is located in Gold Canyon proximate to Highway 60, 14 miles from Mesa and 18 miles from Phoenix Mesa Gateway Airport. Major retailers, restaurants and services are within a 10-minute drive, with a health club and multiple movie theaters also nearby. Peralta Canyon is situated at the foot of Superstition Mountain adjacent to the Superstition Mountain Wilderness, is a short drive from the Peralta Trailhead on Superstition Mountain, and is near the proposed 480-acre Peralta Regional Park.The area offers ample opportunities for hiking, bike-riding, photography, camping and other outdoor activities. Moreover, Gold Canyon is also home to five 18-hole championship golf courses.

Peralta Canyon is situated between two completed residential developments and is the last available master planned community in Gold Canyon. In the second half of 2018, Petrus and Voyager plan to begin the development and sale of Phase II of Peralta Canyon, which will consist of 375 finished lots.

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 10,000 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.

Read More »

 

Featured Properties
CentrePort Portfolio

CentrePort Portfolio

CentrePort I, II, III & One Triad Center, Greensboro, NC – This four building complex has a total of 263,000 square feet and was constructed in phases between 1986 and 1998. Located near the Piedmont... Read More »
Cotton Corporate Center Office

Cotton Corporate Center Office

Cotton Corporate Center Office, Phoenix, AZ – This two-story office building totaling 116,858 square feet is located within the premier Cotton Center Business Community in the heart of metropolitan Phoenix. Amply parked at 6.5 /... Read More »