A joint 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 are RB Land LLC, The Cardon Group, and SoundView Real Estate Partners.
The master-planned residential community is located at the Northwest Corner of W. Marana Rd. and N. Sanders Rd., and is slated for 2,500 single family homes.
Will White, Ted Herman, and Greg Vogel of Land Advisors Organization represented the buyer in both transactions. The team also represented the sellers, Levine Investments, in the sale of 205 acres. Dan Feig of Chapman Lindsey Commercial Real Estate Services represented the seller, Red Point Development, Inc. in the sale of 611 acres.
For more information on this transaction, see CoStar COMPS #s 2164937 and 2181168.