Leasing and Development
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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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.

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Leasing and Development
Feb/28/2018

Richmond American to Celebrate New Community in Tucson

TUCSON, Ariz., Feb. 27, 2018 /PRNewswire/ -- Richmond American Homes of Arizona, Inc., a subsidiary of M.D.C. Holdings, Inc. (MDC), is pleased to announce the opening of Santa Rita Ranch III in southeast Tucson. Prospective homebuyers and area agents are invited to attend the community's Grand Opening event on Saturday, March 10, 2018, from 12 to 4 p.m.

ABOUT SANTA RITA RANCH III

Located next to the stunning Santa Rita Mountains for which it was named, Santa Rita Ranch III offers five inspired ranch and two-story floor plans with incredible included features, such as premium hardwood cabinetry and GE®appliances, as well as hundreds of exciting personalization options. New homes at the community feature three to five bedrooms and approximately 1,810 to 2,910 square feet, from the low $200,000s.

Residents of Santa Rita Ranch III will enjoy living within the notable Vail School District, near popular shopping, dining, outdoor recreation, business hubs and I-10. Military buyers will appreciate a quick commute to Davis-Monthan Air Force Base.

In addition to complimentary refreshments and tours of the brand-new fully furnished Augusta and Yorktown model homes, those who attend the Grand Opening event will learn about the community's limited-time special offer, valued at up to $6,000.

Santa Rita Ranch III is located at 17180 S. Ridgerunner Drive in Tucson. Call 520.498.4150 or visit RichmondAmerican.com for more information.

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Leasing and Development
Mar/24/2017

Santa Rita Ranch III Moves Ahead with Two New Homebuilders in the Vail Area

TUCSON, Arizona — Richmond American (NYSE: MDC) and Lennar Homes (NYSE: LEN) are the first two homebuilders to enter Santa Rita Ranch Phase III. Each builder purchased 68 SFR lots recently from Crown West Realty (Dean Wingert, VP) for a finished cost of $50,750 per lot, or $6.9 million.

The Santa Rita Ranch Specific Plan was first approved by the County in 1988 for 2,435-acres and up to 5,307 units. Stanley P. Abrams and Santa Rita Partnership were the applicants. Crown West acquired its portion known as Santa Rita Ranch III in 2013, a total of 182 acres and 330-lots being developed by Crown West.

Nestled into the foothills of the scenic Santa Rita Mountains. “Each additional phase of the community climbs higher into the foothills,” Wingert said. “This latest 136 lots have a 3,500-foot elevation.”

In fact, these lots are so scenic that the builders are alternating homesites on the same streets, Wingert told us, “Santa Rita feels away from the city, yet is convenient to everything off Interstate 10 and minutes to major employers along Houghton, at the UA Tech Park, Davis Monthan Air Force Base and Raytheon.”

Crown West has already begun development of these first lots and anticipates the first builder models to be ready as early as year-end. These first homesites are 6,000-square-feet (50×120) while the next lots will be 60×120 going still higher into the foothills. Each phase has a private park, plenty of open space and walking and bike trails.

The amenities and being located in the highly desired Vail School District brings many families to Santa Rita, but there are also empty nesters and retirees looking for the convenience, “yet away from the city”.

Will White and John Carroll of Land Advisors Organization in Tucson negotiated for the seller with Richmond and Lennar.

White says, “The focus now is definitely on shovel ready lots that can be ready for 2018 and that is what we continue to see getting closed. The southeast has shown some great data over the past 12 months and builders are being responsive to this. We think there will be continued, strong momentum out of these existing projects and future ones on the way.”

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



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Leasing and Development
Oct/27/2016

Major SW Tucson Development Gets New Life

By Murphy Woodhouse Arizona Daily Star - Updated Oct 25, 2016

A 645-acre residential and commercial development south of Valencia Road near Ryan Airfield, which was idled during the Great Recession, has been revived.

The Pomegranate development could have as many as 2,658 homes in an area that county officials say has increasing interest.

“We are seeing growth out there,” said county planning official Chris Poirier.

Residential development trends have also been positive across Tucson, which has seen foreclosures fall and new home permits rise over the last year, the Star reported in July.

Dean Wingert, of Crown West Land Group, which purchased the foreclosed properties from lenders, said building at several nearby subdivisions, as well as a large land purchase in the area by another developer, were a part of what made Pomegranate attractive. Planned roadway improvements in the area were also a perk.

The original plan for Pomegranate, created “during a time when the real estate market was booming,” doesn’t match today’s market, according to a letter from the development’s designer. That’s why Crown West and its planning consultant, LVA Urban Design Studio, applied for substantial changes that were recently approved by the Board of Supervisors by a 4-1 vote.

Wingert said there are steps remaining before construction could begin, which he estimated could be as far out as 2018. He also said, “We’re open for a new name. There are no pomegranates out there.”

Among the major changes are decreased density — the original plan mandated a minimum residence count of 3,116, nixing requirements that all homes be within a certain distance of commercial services, the removal of a number of sustainability standards dealing with solar power and grey water , and mandated multi-story compact development.

“It was kind of urban planning but in a suburban setting,” Wingert said.

“We just don’t see that type of development in more rural settings,” Poirier said. “You’ll see that within the city, maybe downtown, or the University of Arizona. That was just not a very pragmatic.”

But Supervisor Richard Elías was a fan of some of the original standards, which is why he voted for the plan in 2009 and was the lone “no” vote against the proposed changes.

“They’re stripping all the good stuff out, reducing density, making it less usable for people with limited income,” he said. “I realize that they’ve had a very difficult time economically, but we have to be concerned about the quality of our communities.”

Beyond issues of sustainability and affordability, Elías said the lower density could make it more difficult to justify expanding public transit to the area.

Poirier said the changes for Pomegranate are part of a larger effort to work with developers who have picked up the land with specific plans as market conditions change.

“As long as they’re not increasing the yield, we think that we could be flexible,” he said, referring to attempts to upzone, or increase development density. “We’re responsive to changing times, and we’re trying to stay ahead of things.”

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Leasing and Development
Aug/19/2016

Lennar Homes Joins Other Home Builders at Gladden Farms MPC

Just as the Gladden Farms Elementary School opened for classes this week, Lennar Homes purchased 60 SFR lots at Homestead at Gladden Farms for $2.64 Million ($44,000 per lot) from Crown West Realty (Dean Wingert, member). Richmond American Homes and Lennar will both be building at this subdivision, called Homestead.

Gladden Farms is a 1,350-acre master planned community in northern Marana, just west of Interstate 10 between Tangerine and Moor Roads. There are currently 1,300 SFR homes built in Gladden Farms and 277 lots currently under development. With four homebuilders active in the community, makes it is one of the most active communities in the Northwest submarket.

KB Homes at Somerset at Gladden Farms is down to its last five lots of 148 homesites. Meritage Homes at Compass Pointe at Gladden Farms has 89 homesites; while Richmond American with 58 homesites and Lennar with its newly acquired 60 homesites at Homestead at Gladden Farms under development, round out the home builders in Gladden Farms.

Plans call for a total of approximately 3,600 homes with a price range of $180,000 to $400,000. With approximately 320 acres set aside for parks, open areas, trails and the Gladden Farms Elementary School. Located in the Marana Unified School District, the school is open for grades K-6 and is the first computer science immersion school in Arizona.

Currently, Gladden Farms offers over 105 acres of parks and open space and 8-miles of landscaped trails which connect to the major regional Santa Cruz River Linear Park system. Future phases will further expand the park areas and trail systems along with additional recreational, picnic, and sports facilities throughout the community.

The 16-acre Gladden Farms Community Park includes Little League fields, soccer fields, restroom facilities, shaded picnic areas, separate play structures for elementary age and older children and the largest splash pad in Southern Arizona with restrooms, shaded seating and drinking fountains. A pedestrian underpass under Tangerine Farms Road takes pedestrians and bicyclists safely to the park, bypassing the major intersection.

The Marana Heritage River Park hosts 40 community garden plots for residents, a ramada pavilion and grill, and a wedding and event venue. Over 45 acres of additional land have been deeded to the Town of Marana for their planned Heritage River park improvements, which will create Maranas’s largest regional recreation and event facility. Marana’a Annual Cotton Festival is held at the Heritage River Park every October.

Designated commercial development areas will include a grocery store, retail stores, a medical campus, office buildings and other services.

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