23 May 2013 — Petrus Partners of New York (Frank Walter, President), doing business in Tucson under the name of Crown West Realty, (Dean Wingert, VP) acquired 155 acres under an affiliate, Santa Rita Ranch III, LLC, for $1.7 million. Located off Houghton and Camino Del Toro in southeast Tucson, the seller, Arizona Equity II, LLC (Eric Abrams, manager) had platted the property tentatively for 274 residential 50′ x 110′ and 60′ x 110′ lots ($6,200 per lot). . . .
The tentative plat is under review by Crown West to determine whether it will develop or resell the property. There were no brokers involved in the transaction. OK Rihl of Crown West says several builders are eyeing this area for expansion.
Lots are located SE of Sycamore vista and are undeveloped.
Better info and maps from LandAdvisors.
Here’s another one for sale by Land Advisors, Santa Rita Foothills Estates, south of New Tucson/Sycamore Vista.
Fagan Ranch Bankruptcy / $16M ~ 550-Acres
After putting his $16 million Fagan Ranch project through a voluntary Chapter 11 bankruptcy reorganization, developer Jim Campbell hopes other owners of distressed commercial property can benefit from his experience. . . .
To avoid foreclosure on Fagan Ranch, a 550-acre development in Corona de Tucson, Campbell sought reorganization in September . The intervention of his attorney, Michael McGrath of Mesch, Clark & Rothchild, brought lender National Bank of Arizona to the judge’s court and the negotiation table. Read more.
Fagan Ranch sales PDF from Land Advisors (no price listed)
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