Scottsdale Investor Acquires Commercial Corner in Gilbert...To Hold for Investment
Published in Business Real Estate Weekly (BREW) on December 18, 2009.
Gilbert – A company formed by investor Jeff Carlson of ParCap LLC in Scottsdale paid just under $1.237 million to buy a 12-acre parcel in Gilbert that is approved for commercial uses. The fully developed site is at the northeast corner of Ocotillo and Lindsay roads.
The seller was Capital Pacific Holdings LLC, through its receiver, MCA Financial Group Ltd. in Phoenix. The seller was represented by James Donnelly and Chad Klock of MCA Brokerage Services LLC in Phoenix. Scott Ward of Ward Real Estate & Development in Chandler represented the buyer.
Ward has been hired to assist in marketing the property. Capital Pacific Holdings controlled the retail corner as part of its acquisition of the surrounding Felty Farms planned residential community.
The site is zoned SR in the Town of Gilbert which will allow a variety of uses, including gas, mini storage, hardware, charter school and many other types of retail tenants. Carlson says his company will hold the land for three to five years before selling to a developer.
The parcel will allow for about 130,000 sq. ft. of buildings. Carlson and his investor partners now own the commercial site in Gilbert and five residential properties in the Valley. Carlson says he is backed by an East Coast hedge fund, and adds that he is interested in buying more finished lots and partially developed lots in the Phoenix area, as well as hard corners zoned commercial and distressed office buildings.
Carlson and his investor partners are also looking to buy non-performing loans secured by real estate in the Valley. The company pays cash for the assets and can close in a short time frame. In April, BREW reported companies formed by Carlson paying just under $3.6 million to purchase 252 finished lots and 17 completed homes in two Valley subdivisions.
Carlson’s company paid just over $2.398 million to acquire 169 developed lots within Hurley Ranch in Phoenix. Carlson’s companies paid $1.2 million in cash to purchase 83 finished lots and 17 completed homes within a community in El Mirage called Montecito Estates. Get more from Carlson at (602) 558-6069. Talk to Donnelly and Klock at (602) 710-2500. Ward is at (480) 899-4330. |
