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.