NorthMarq Arranged the Sale of the Land to the Developer 

PHOENIX, ARIZONA — Northmarq’s Debt & Equity team of Brandon Harrington, Bryan Mummaw, Tyler Woodard, Chris McCook and Bryan Liu secured a $49.5 million construction loan for the development of Honeycutt Run.  The build-to-rent community will be developed by Mesa-based Bela Flor Communities. The loan was structured at 80% loan-to-cost (LTC.)

Northmarq’s Phoenix Investment Sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the sale of the fully zoned and entitled land in Maricopa, Arizona on behalf of the seller, Phoenix-based Suncrest Real Estate & Land.

“We are excited to see Karl, Hudd and the entire Bella Flor team bring this property to life in the rapidly growing city of Maricopa,” said Brandon Harrington.

The 19.2-acre development site, located at 36351 W. Honeycutt Run Road, allows for 209, single-story, build-to-rent homes to be built on the site, which is a proposed density of 10.89 homes per acre.  The site plan is approved for one-, two- and three-bedroom single-family casita style homes with private, fenced-in backyards. The proposed development amenities include a swimming pool, clubhouse, fitness center and BBQ areas with fire pits within the community.

Honeycutt Run is adjacent to the master planned community of Tortosa and the new Maricopa High School (expected completion Summer 2022.) The population of Maricopa has expanded by 20 percent over the last decade, making it the 19^th largest city in Arizona. Its location is in the path of growth for both the rapidly expanding Phoenix metro market, which is growing to the south, and the Tucson region, which is expanding to the north. Maricopa residents has easy access to all parts of the Valley and Pima County via the I-10 and Loop 202 freeways.

PHOTO: Honeycutt Run project rendering courtesy of Suncrest Real Estate & Land

PHOENIX, AZ – Nick Miner, CCIM of ORION Investment Real Estate and Sean Bishop, CCIM of Lee & Associates, reports representing the buyer and seller of the 4.75 acres of land in Phoenix, Arizona for $1,816,000.00 or $8.78 per square foot.

Phoenix, Arizona, the capital of Arizona and the fifth largest city in the U.S.A, is known for its year-round sun and warm temperatures, it anchors a sprawling, multicity metropolitan area known as the Valley of the Sun. It’s known for high-end spa resorts, Jack Nicklaus–designed golf courses and vibrant nightclubs. Greater Phoenix covers approximately 9,266 square miles, making the it about the size of New Hampshire.

Nick Miner, CCIM, Senior Vice President at ORION commented, “We originally helped the buyer purchase this property back in 2005 with the hopes to be able to purchase the fee title to the land at some point in the future.”

The Buyer is finally going to be able to terminate the long-term ground lease for this property and have a Fee Title interest in the property,’ Bishop added. “The ground lease was initially negotiated by Westcor back in 1978.”
Buyer, Shea Village, LLC, and the Seller, Pacific Oakmark Shea, LLC, were both represented by Nick Miner, CCIM of ORION Investment Real Estate and Sean Bishop, CCIM of Lee & Associates Phoenix office.

TUCSON, Ariz. – The Terracon Foundation is pleased to announce it has awarded a $4,900 community grant to the Southern Arizona Research, Science and Engineering Foundation (SARSEF). The funds will be used to support SARSEF’s Creating an Equitable AZ STEM Pipeline.

Since 2018, SARSEF has won three grants from the Terracon Foundation totaling $12,400.

I am proud to be a Terracon Employee Owner and thankful that they give us opportunities to advocate and support organizations in the communities where we work and live,” said Derek D. Koller, CIH, CHMM, office manager in Terracon’s Tucson office, who championed the grants.

To date, the Terracon Foundation has granted more than $3.5 million to community organizations, universities, dependents of employees, and for disaster relief efforts. For more information about the Terracon Foundation and other organizations it has supported, visit terracon.com/foundation.

PHOTO: (Left to right) Julie Euber, MA, CEO, of SARSEF; and Derek D. Koller, CIH, CHMM, Manager, Tucson office of Terracon.