Acquisition and Investment

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

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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.

The sellers in two cash transactions were commercial mortgage backed securities (CMBS) managed by LNR Partners LLC in Miami Beach, Fla. The assets were sold through www.auction.com. The property sales were negotiated through Eric Wichterman and Mike Coover of DTZ in Phoenix.

In the larger of the two transactions, Cotton Corporate Center JVE - Flex LLC (True North/Crown West entity) paid $17.8

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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.

The purchase includes 500 undeveloped residential lots in Gladden Farms Phase I. In the Phase II section, Petrus Partners acquired 370 acres of entitled residential land and 120 acres of commercial property.

The seller was the Forest City Land Group, a subsidiary of Forest City Enterprises Inc., based in Cleveland, Ohio. Forest City launched Gladden Farms in 2003 and developed the master-planned community with attractive amenities such as trails, parks and baseball fields, and a 58-acre hospital campus site.

"We plan to be the new master developer of the community. Petrus is really excited

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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.

Forest City launched Gladden Farms in 2003 and developed within the master-planned community attractive amenities including trails, parks, baseball fields and other recreational facilities. During the past decade, Gladden Farms achieved great market acceptance as

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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

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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

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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

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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

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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

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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

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