This article has been archived, please login for access or subscribe now for a free trial.

Petrus Partners, Ltd., operating in Tucson under the name of Crown West Land Group, concluded its final acquisition of the Gladden Farms master-planned community on March 21st. The acquisition included 487 platted, unimproved lots, there were no finished lots; 335 acres of block-platted residential land with full zoning entitlements, and 123 acres of block-platted commercial land with full zoning entitlements. The entitlements would allow a total of an additional 2,825 single-family and multi-family residential units.

[mepr-show rules=”58038″]Forest City Enterprises, the seller, after making the decision in early 2012 to liquidate all land development projects, sold Gladden Farms for $720,798, that’s seven – hundred – twenty – thousand – seven -hundred -ninety – eight dollars (spelled out only to assure readers it’s no misprint). The price is calculated from multiple public records, Dean Wingert, Senior Vice President of Forest City Land Group and Head of Crown West Land Group would only confirm that “the sum total of the recorded documents would seem unbelievable.” He was right.

Wingert went on to explain, “Gladden Farms sold with a high level of obligations, including monthly payments to the Town of Marana for the road extension work done to the community, bonds & securities, and property taxes; these in addition to the normal impact fees.” For these reasons, “Forest City was a motivated seller.”

Forest City launched Gladden Farms in 2003 and developed attractive amenities including trails, parks, baseball fields and other recreational facilities. It was received with great market enthusiasm as homebuilders constructed about 1,150 finished single-family homes within Gladden Farms, with about another 35 homes currently under construction. Located in Tucson’s Northwest at the west end of the of the Tangerine corridor where lots sales are still brisk. See our Feb 23rd story “Lot Sales Brisk Along Tangerine Corridor” at: https://realestatedaily-news.com.previewdns.com/lot-sales-brisk-along-tangerine-corridor/

Active builders within the community are Richmond American and Pulte; Lennar just finished their current subdivision late last month. There were 54 new homes added within the community last year, and the first 3 months of this year has already produced 23 more new building permits.

Commercial property within Gladden Farms was sold by Forest City to users such as Walgreen’s, Fry’s Food Stores, and a 58-acre campus to Northwest Hospital affiliate, Community Health Systems, Inc (NYSE:CYH) and planned for development once the area’s population justifies.

With the Gladden Farms sale finalized, Dean Wingert joined the Petrus Group as Vice President of Crown West Realty and Head of Crown West Land Group. Wingert brings three decades of experience in residential land development during 26 years with Forest City where he oversaw development of master-planned communities in Tucson, Las Vegas, Denver, Seattle, Austin, Dallas, Albuquerque and San Antonio. Additionally, O.K. Rihl, Director of New Development at Forest City Land Group has joined Crown West as Development Manager. Crown West’s office is in the former Forest City’s location at 333 E Wetmore Road, Ste 250, in Tucson.

Petrus Partners of New York (Frank Walter, President) the parent company, is a privately held full-service real estate investment, development and management firm with offices in New York City, Phoenix, Denver, Tucson and Spokane. The ‘Petrus Partners-Crown West Group’ manages a series of discretionary investment funds totaling over $300 million of equity including $100 million dedicated to value-added investments in residential land. The Group owns and manages 6,000 residential lots and eight million sq. ft. of office, industrial, and mixed-use properties nationwide.

Petrus is interested in acquiring additional investment opportunities in residential lots and entitled and un-entitled land in Arizona, Nevada, and California.

For additional details about Gladden Farms, including lot acquisition opportunities, contact Wingert at (520) 888-3962 or email to [email protected].

[/mepr-show]

This article has been archived, please login for access or subscribe now for a free trial.

Legacy Property Management, LLC of Orange County, CA (Kurt Thomas, manager) purchased the 45,675 sq. ft. industrial building at 4700 S Overland Dr in Tucson at the Butterfield Business Park [mepr-show rules=”58038″] for $4.625 million, or $101 PSF, from Brian Realty Group, LLC of Tucson (Susan Dew, manager) that owned the property since 2003. The property was built in 1999 on 3.5 acres and sold fully leased to long-term single tenant, Xeridiem Medical Devices, Inc.

Xeridiem designs, develops, manufactures, and sells single use medical devices for the delivery of energy or therapy in the areas of cardiology, gastroenterology, and urology within the United Statesand internationally. Xeridiem was formerly known as MRI Manufacturing & Research, Inc. and changed its name to Xeridiem Medical Devices, Inc. in February 2011. The company was founded in 1985 and is based in Tucson, Arizona. As of July 7, 2010, Xeridiem Medical Devices, Inc. operates as a subsidiary of Fenner PLC a leading British-based manufacturer of industrial-based products and a constituent of the (Financial Times Stock Exchange) FTSE 250 Index, a mid-cap index in the UK.

This is the first CRE purchase in Tucson for the buyer and was an upleg in a 1031 exchange. It was an all-cash transaction and sold at an above 8% cap rate.

Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield / Picor Commercial Real Estate Services of Tucson represented the seller. Jonathan Garvey and Henry Wildermuth of Available Properties, Inc in Anaheim, CA represented the investor and are looking for more investment properties in the Tucson area.

Glaser can be reached at (520) 546-2707. Garvey and Wildermuth should be contacted at (714) 998-8205.

[/mepr-show]

This article has been archived, please login for access or subscribe now for a free trial.

A Tucson landmark since 1950, Jack’s Original Barbeque at 5250 E 22nd Street was purchased by Sylvia and Henry’s Corporation of Tucson (Sylvia and James Williams III)

[mepr-show rules=”58038″]for $390,000, or $153 per sq. ft. for the 2,553 sq. ft. building, complete with trade name and original recipes from Three B’s Investments LLC (Greg, Steve and Larry Baccardo). Initially owned by Jack and Laura Banks, from 1950 to 1992, Three B’s acquired the business in 1997, but due to economic challenges brought on by the longer than expected recession closed in August 2012. It was Tucson’s longest running business prior to its closing.

“The new owners are a perfect match for Jack’s,” according to Debbie Heslop of the Volk Company. James owned and operated a barbeque restaurant back in Virginia before moving to Tucson. Heslop handled the transaction for both buyer and seller.

It took about six months to get a City business license and the liquor license transfer from previous owners is still pending. The deal was financed with a seller carryback.

The new owner, James Williams, commented, “There are a lot of barbeque places in Tucson, but none compare to eating at Jack’s. We’re bringing back Jack’s original menu and the original motto ‘Good Food For Hungry People’.”

The new owners have no doubt that Jack’s will be successful and are anxious to bring back barbeque with more than a half century of tradition in the community. Williams added, “We couldn’t be more excited; the closer we get to the grand opening the more we recognize it not just about good barbeque, but also a revival of history, and that brings us pleasure.”

Co-owner and wife, Sylvia, will bake all the desserts and cousin, Sonny Clark, also with many years of restaurant experience from Chicago, will be the day-to-day manager.

“It isn’t work when you love what you’re doing, and I love this business,” said Williams. His other successful restaurant back in Yorktown, VA was called C.J.’s Diner, named after their son, where he served chicken, fish and barbeque before retiring.

The 62-year-old recipes and history will be revived at Jack’s Original Barbeque’s Grand Opening, Saturday, April 6th, open daily from 10 a.m. to 10 p.m.

To contact Williams call Jack’s Original Barbeque at (520) 750-1280. Heslop can be reached at (520) 326-3200.

[/mepr-show]