Acquisition and Investment
Acquisition and Investment
Feb/11/2016

Land Advisors Organization - Tucson Closes $1.6M Lot Deal in Gladden Farms

Press Contact:
Theron Neff
Land Advisors Organization
tneff@landadvisors.com
(480) 483-8100

Land Advisors Organization – Tucson Closes $1.6M Lot Deal in Gladden Farms

TUCSON, AZ, January 5, 2016 — The Tucson office of the Land Advisors® Organization (LAO), a premier nationwide land brokerage firm, announced today the successful closing of 89 platted and engineered lots in the Gladden Farms master planned community. Located along Tangerine Farms Road just west of Interstate 10 in Marana, Arizona, the Gladden Farms community consists of over 1,250 homes situated within lushly landscaped greenbelts.

Land Advisors Organization brokers Will White and John Carroll negotiated this transaction, representing the seller.

The platted and engineered lots were sold by Gladden Phase 1, LLC and was purchased for $1,682,100, by Meritage Homes. Development activity on the lots is expected to start immediately.

For additional information regarding this transaction and land trends occurring in the Tucson area, contact either Will White: wwhite@landadvisors.com or John Carroll: jcarroll@landadvisors.com at (520) 514-7454.

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The Land Advisors Organization specializes in innovative land brokerage through deep market insight and unparalleled client relationships. With an exclusive focus on land, the Land Advisors Organization integrates current comprehensive information, cutting-edge technology and geographically specialized professionals to help our clients identify and capitalize on valuable opportunities in all kinds of economic environments.

The Land Advisors Organization employs a true collaborative brokerage model with offices located throughout Arizona, California, Florida, Idaho, New Mexico, Nevada, Utah, Texas and Washington.


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Acquisition and Investment
May/01/2015

True North/Crown West drops $29.925 million for office/flex space at Cotton Center

BREW
Business Real Estate Weekly of Arizona
www.brewaz.com

Phoenix, AZ - A joint venture formed by True North Management Group in White Plains N.Y. (Desmond McGowan, principal) and Crown West Realty, LLC in Phoenix (Bob Olshan, pres.) paid a combined $29.925 million ($113.15 per square foot blended average) to acquire 264,424 sq. ft. of office and flex space located within the Cotton Center business park in Phoenix.

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Acquisition and Investment
Feb/06/2013

Gladden Farms sold to NY developers

Inside Tucson Business: News
Roger Yohem, ryohem@azbiz.com

The last remaining undeveloped parcels in the massive 1,350-acre master-planned community of Gladden Farms in Marana have been acquired byPetrus Partners Ltd. of New York at an undisclosed price.

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Acquisition and Investment
Feb/05/2013

Petrus Partners acquires Gladden Farms; Dean Wingert and OK Rihl join the Petrus Group from Forest City Enterprises

Tucson, AZ – Petrus Partners Ltd. (“Petrus”) has acquired the Gladden Farms master-planned community, which includes 500 undeveloped residential lots in Phase I, and in Phase II, 370 acres of entitled residential land planned for 2,345 residential units and 123 acres of commercial property. Gladden Farms is located in the town of Marana, 24 miles northwest of the Tucson central business district. The seller was the Forest City Land Group, a subsidiary of Forest City Enterprises, Inc. (“Forest City”). Gladden Farms is Petrus’ 13th residential land acquisition in Arizona since 2008.

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Acquisition and Investment
May/24/2011

Petrus Partners Acquires finished lots in Phoenix, AZ

www.phoenix.dbusinessnews.com

Phoenix – Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), purchased 177 finished lots with 65 foot widths comprising the entire Artesa subdivision for $3.2 million. The seller was the F.D.I.C., as receiver for the First National Bank of Arizona, and the sale marked Petrus’ 11th acquisition of residential land in the Phoenix M.S.A. since October 2008. Brian Rosella and William French of Cassidy Turley BRE Commercial represented the seller.

Artesa is located at the intersection of Baseline Road and 41st Avenue in the Village of Laveen, an infill community within the City of Phoenix, 10 miles from Phoenix’ Central Business District. The property lies adjacent to a new and growing church and enjoys close proximity to a middle school, high school, city park and well regarded municipal golf course.

Palacia Homes, the original developer of Artesa, financed its construction with a $12 million loan from First National Bank of Arizona. The F.D.I.C. closed the First National Bank of Arizona in June 2008 and foreclosed on the Artesa lots in December 2010. Petrus and Voyager plan to hold the finished lots for investment purposes and sell Artesa to homebuilders once the residential land market recovers.

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, and Spokane. The Petrus Partners-Crown West Group manages a series of discretionary investment funds totaling over $200 million of equity and owns and manages land development investments together with eight million square feet of office, industrial, and mixed-use properties nationwide. Artesa represents the Group’s 29th property acquired in the Phoenix M.S.A. since 2001.

Petrus actively seeks additional investment opportunities in residential lots and entitled and un-entitled land in the Phoenix M.S.A. Potential acquisition candidates should be submitted to Frank Walter (frankwalter@PetrusPartners.com or 212-977-3708), President of Petrus Partners.

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Acquisition and Investment
Apr/28/2011

Petrus Partners Acquires Residential and Commercial land in Goodyear, AZ

www.phoenix.dbusinessnews.com

Phoenix – Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), purchased Phase IX (“Palm IX”) of the Palm Valley master planned community for $3.9 million. Palm IX includes 145 acres of zoned and approved Residential and Commercial Land with utilities to the site. The seller was Southwest Solar Technologies, Inc. and the sale marked Petrus’ 10th acquisition of residential land in the Phoenix M.S.A. since October 2008. Mike Ratliff, Dave Headstream, and Jason Hyams of CB Richard Ellis represented the seller.

Palm Valley, a successful 9,000-acre master-planned community developed by SunCor Development Co., includes exclusive gated single family subdivisions, a variety of mid-range single family subdivisions, a 1,400 acre business park, and a broad range of recreational and retail amenities. Palm Valley has continued to attract new homebuyers throughout the downturn and high-end homebuilders, such as Toll Brothers and TW Lewis, remain active and have sold 192 homes over the last 12 months with average prices in the large active adult segment exceeding $390,000. In February 2011, Westcor announced it would resume the planned construction of a 1.2 million square foot anchored regional mall, Estrella Falls, in Palm Valley with completion in 2014.

Palm IX has an approved zoning and development plan, or final plat, which calls for 43 acres of commercial parcels and 103 acres of single family residential lots (218 60-80 foot wide lots and 102 high-density lots). Suncor completed rough grading of the site as well as required improvements along Camelback Road on the property’s southern boundary at a total estimated cost of $1.7 million. Petrus and Voyager plan to sell Palm IX to a homebuilder(s) and commercial developer once the residential and commercial land markets recover.

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, and Spokane. The Petrus Partners-Crown West Group manages a series of discretionary investment funds totaling over $200 million of equity and owns and manages land development investments together with eight million square feet of office, industrial, and mixed-use properties nationwide. Palm IX represents the Group’s 28th property acquired in the Phoenix M.S.A. since 2001.

Petrus actively seeks additional investment opportunities in residential lots and entitled and un-entitled land in the Phoenix M.S.A. Potential acquisition candidates should be submitted to Frank Walter (frankwalter@petruspartners.com or 212-977-3708), President of Petrus Partners.

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Acquisition and Investment
Feb/28/2011

Petrus Partners acquires residential lots in Goodyear, AZ

PHOENIX - Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), has purchased for $1.2 million 50 residential lots (55’ x 115’) in the Canyon Trails master planned community in Goodyear. The seller was an affiliate of Stearns Bank N.A. and the sale marked Petrus’ eighth acquisition of bank-owned residential R.E.O. in Phoenix since October 2008. Michael Martindale and Todd Vesledahl of CRA Ltd. represented the seller.

Continental Homes, now part of D.R. Horton, Inc., began developing Canyon Trails in 2000-01. Since then, a range of homebuilders have built out over 70% of the 2,000-acre project primarily by offering homes for the move-up segment. Canyon Trails enjoys easy access to downtown as well as a variety of nearby retail amenities. The purchased lots are situated in the Canyon Trails – Unit III subdivision, off of Cotton Lane less than one mile south of I-10. Santa Anna Homes began the project in June 2006 and developed and sold 98 homes at an average sale price of $264,000 by July 2008. Petrus and Voyager plan to sell the Canyon Trails lots to a homebuilder(s) once the housing market recovers.

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, and Spokane. The Petrus Partners-Crown West Group manages a series of discretionary investment funds totaling over $200 million of equity and owns and manages land development investments together with eight million square feet of office, industrial, and mixed-use properties nationwide. Canyon Trails – Unit III represents the Group’s 27th property acquired in the Phoenix M.S.A. since 2001.

Petrus actively seeks additional investment opportunities in residential lots and entitled and un-entitled land in the Phoenix M.S.A. Potential acquisition candidates should be submitted to Frank Walter, President of Petrus Partners.

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Acquisition and Investment
Jan/20/2011

Petrus Partners acquires residential lots in Waddell, AZ

PHOENIX -Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), has purchased for $2.08 million 88 residential lots in the Cortessa master planned community in Waddell. The seller was an affiliate of Stearns Bank N.A. and the sale marked Petrus’ seventh acquisition of bank-owned residential R.E.O. in Phoenix since October 2008. Michael Martindale and Todd Vesledahl of CRA Ltd. represented the seller.

The Cortessa lots are in a master-planned community located in Waddell, an unincorporated area of Maricopa County, east of White Tank Mountain Regional Park, north of the Town of Buckeye and south of the City of Surprise.

Stardust Development of Scottsdale, AZ originally developed Cortessa through the preliminary plat phase and sold it in 2003 to a consortium of homebuilders, led by Standard Pacific. The master planned community comprises 614 acres and 1,732 residential lots and has already seen in excess of 1,200 new home sales to retail homebuyers. The purchased lots were once owned by Santa Anna Homes, which built and sold 116 homes in Cortessa at an average price of $282,000 from July 2006 through August 2008. Petrus and Voyager plan to sell the Cortessa lots to a homebuilder(s) once the housing market recovers.

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, and Spokane. The Petrus Partners-Crown West Group manages a series of discretionary investment funds totaling over $200 million of equity and owns and manages land development investments together with eight million square feet of office, industrial, and mixed-use properties nationwide. Cortessa represents the Group’s 26th property acquired in the Phoenix M.S.A. since 2001.

Petrus actively seeks additional investment opportunities in residential lots and entitled and un-entitled land in the Phoenix M.S.A. Potential acquisition candidates should be submitted to Frank Walter, President of Petrus Partners.

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Acquisition and Investment
Jan/04/2011

Petrus Partners acquires 67 residential lots in Phoenix, AZ

PHOENIX - Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), has purchased for $2.0 million 67 residential lots in the Blossom Hills Two subdivision in Phoenix. The seller was JPMorgan Chase, N.A. and the sale marked Petrus’ sixth acquisition of bank-owned residential R.E.O. in Phoenix in the past two years. Brent Moser and Brian Rosella of Cassidy Turley BRE Commercial represented the Seller.

Blossom Hills Two constitutes 67 residential lots located in the South Mountain submarket of Phoenix, eight miles southeast of the Central Business District. South Mountain Park, encompassing 16,000 acres, runs along the southern boundary of the neighborhood and offers appealing mountain views. Given the proximity to downtown Phoenix, homebuilders have historically achieved success in the submarket with move-up and upscale housing priced from $300,000 to $600,000. Petrus and Voyager plan to sell the project to a homebuilder once the housing market has recovered.

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, and Spokane. The Petrus Partners-Crown West Group manages a series of discretionary investment funds totaling over $200 million of equity and owns and manages land development investments together with eight million square feet of office, industrial, and mixed-use properties nationwide. Blossom Hills represents the Group’s 25th property acquired in the Phoenix M.S.A. since 2001.

Petrus actively seeks additional investment opportunities in residential lots and entitled and un-entitled land in the Phoenix M.S.A. Potential acquisition candidates should be submitted to Frank Walter, President of Petrus Partners.

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Acquisition and Investment
Sep/12/2010

Petrus Partners Acquires 160 acres of Residential Land in Surprise, AZ

www.dbusinessnews.com

SURPRISE, AZ - Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), has purchased for $1.44 million 160 acres of residential land planned for a 416-home master planned community called Soleada. The seller was Compass Bank and the closing marked Petrus’ fifth acquisition of bank-owned (REO) residential land in Phoenix since October 2008. James A. Hotis of The Hogan Group represented Petrus while Scott A. Hintze of Nathan & Associates, Inc. acted as the seller’s broker.

Soleada is located at the northeast corner of Lone Mountain Road and 195th Avenue. The parcel lies east of U.S. Route 60 (Grand Avenue) and adjacent to the Sun Haven master planned community’s eastern border and in close proximity to Cielo Crossing, Grand Vista, and Burlington Northern Santa Fe’s planned rail yard and intramodal facility. These projects make up the majority of the City of Surprise’s Special Planning Area IV, a planned wastewater and water utility infrastructure district. Petrus and Voyager plan to sell the project to a homebuilder or developer once the housing market recovers.

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, and Spokane. The Petrus Partners-Crown West Group manages a series of discretionary investment funds totaling over $200 million of equity and owns and manages land development investments together with eight million square feet of office, industrial, and mixed-use properties nationwide. Soleada represents the Group’s 23rd property acquired in the Phoenix M.S.A. since 2001.

Petrus actively seeks additional investment opportunities in residential lots and entitled and un-entitled land in the Phoenix M.S.A. Potential acquisition candidates should be submitted to Frank Walter, President of Petrus Partners at 212-977-3708 or frankwalter@petruspartners.com.

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