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4/11/19
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There have been three land transactions encompassing a total volume of $20 mil and 47 acres to report from the Deer Valley submarket of Phoenix, AZ. The transactions encompassed the acquisition of a 28.8-acre parcel by one investor, and then two separate dispositions of portions of the 28.8 acres to other buyers.
Jeff Garrett and R.T. Starr of Garrett Development Corporation made the initial purchase of the 28.8-acre parcel. The site is located on the southeast corner of the intersection of Happy Valley Rd and 19th Ave in Phoenix.
Kirk Jenkins of DAUM Commercial Real Estate Services represented the buyer in the deal. Jim Keeley of Colliers International repped the seller, JVK-VL LLC. Jenkins, Keeley, and Bob Lundstedt, also with DAUM, simultaneously negotiated the sales of two portions of the same land parcel to separate buyers. Both sales closed on the same day as the acquisition in a complex triple-escrow transaction.
According to Lundstedt, “The buyer strategically chose to immediately dispose of approximately 18.5 acres of the land in order to decrease the amount of capital investment needed upfront, as well as facilitate a smoother process as they prepare to break ground on a modern, ‘live-work-play’ mixed-use development.”
In one of the dispositions, Cobblestone Carwash acquired 1.38 acres. Cobblestone was represented by Chris Stamets and Brian Gausden of Western Realty Advisors, while Lundstedt and Keeley represented Garrett as the seller.
In the second disposition, ELUX Deer Valley LP (Snowdon Residential-Harvard joint venture) purchased 17.15 acres of the 28.8-acre parcel for a future multifamily development, which is planned to include 212 Casita Style units and a Club House. In this deal, Lundstedt and Keeley represented Garrett as the seller and the buyer.
“The Garrett property will benefit from being across the street from the USAA campus with 4,700 employees, as well as the new Union Park at Norterra, which includes 1,100 single-family homes, 1,100 multifamily units, a school site, and specialty retail corridor,” says Lundstedt.
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