Randall Martin Closes on 23.5 Acres Mixed Use Land in Rancho Marana

RB Las Vegas Land Ventures 3, LLC of Scottsdale an affiliate of Randall Martin (Randy Bury, president) purchased 23.5 acres of mixed-use land in Rancho Marana within the master planned community of Sanders Grove in Marana for $1.05 million ($44,680 per acre). The master-planned residential community is located at Marana Road west of Interstate 10 in Marana, and is slated for 2,500 single family homes.

The mixed-use property in Rancho Marana is within the 830 acres of Sanders Grove that is mostly jointly owned by Bury and his partners Will Cardon purchased three years ago. The partnership acquired the Sanders Grove development land in Marana, AZ for $6.25 million in two separate transactions. Red Point Development Inc. sold approximately 611 acres for $4.75 million, while Levine Investments sold approximately 205 acres for $1.5 million. The buyers were RB Land LLC, The Cardon Group, and SoundView Real Estate Partners.

Will White of Land Advisors Organization represented the buyer in all these transactions while Dan Feig and Aaron Mendenhall of Chapman Lindsey Commercial Real Estate Services represented the seller, Red Point Development Inc. in the sale of the 611 acres.

Bury told us, “It made sense to purchase the additional acreage within Sanders Grove. It is an ideal location for a shopping center for the community or the land can be used for residential building. When we learned Meritage was also looking to sell the three commercial corners, we knew it would be a good investment.”

The seller was Meritage Homes of Arizona Inc. and First American Title Insurance Trust #9254 and #9106 of Tucson. 17.5 acres of the 23.5 acres are located within the Sanders Grove master plan, which includes the 2,500 lots that Meritage is developing. The remaining six acres consists of three two-acre commercial corners adjacent to the Meritage master plan community in Rancho Marana, located near Tangerine Farms and Clark Farms Boulevard in Marana.

Based in Scottsdale, Arizona, Randall Martin is a real estate investment firm that specializes in purchasing raw land for development and sale in the southwest. The company also provides advisory services to real estate investors and developers seeking assistance in asset management and entitlement.

For more information about Randall Martin’s real estate investment opportunities and services, contact Randy Bury at (480) 993-7690 or visit www.randallmartin.com. Will White of Land Advisors Organization who represented the buyer, can be reached at (520) 514.7454.

[mepr-show rules=”58038″]Sale date: 3/28/2014. Cash deal. APNs: 217-24-001P and 001N; 217-43-183, 184, 185. 30-day close.[/mepr-show]