Virtua Partners To Develop 51- Acres In Queen Creek, Arizona
01/20/2017
According to company officials, Virtua plans to mine and sell the surface materials and negotiate a long-term lease to a sand and gravel operator. Once mined, Virtua plans to sell the site to new investors. The land was purchased out of REO for $19,542 per acre, or $0.45 per square foot.
"This is a phenomenal location, and we are thrilled to have the opportunity to work on this project," said Quinn Palomino, Principal of Virtua Partners. "The thriving Southeast Phoenix market is exciting to be a part of, and we look forward to working on this exclusive opportunity."
Virtua's business plan also allows for the flexibility to complete entitlements of single family residential lots on site to sell to homebuilders if deemed a more profitable strategy, company officials said. The property would be developed by Virtua's Phoenix based affiliate, Quyp Development.
The property is located in Pinal County with spectacular desert views of the San Tan Mountain Regional Park. The property has frontage and ingress/egress on North Gary Road, and utilities are to the site. Nearby communities include the Gila River Indian Community to the immediate south and Johnson Ranch to the northeast.
The project was capitalized with $1.3MM of equity and no debt, company officials said. Versant Commercial Brokerage Inc., an affiliate of Virtua Partners, assisted with the capital raise. Boustead Securities underwrote the securities, and Property Dimensions Group represented the buyer.
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