Three years after purchasing the 805-acre residential master plan of Sanders Grove, Randy Bury, president of Randall Martin is partnering once again with Soundview Real Estate Partners to make investments in southern Arizona. The recent purchase includes four additional land parcels totaling 23.5 acres in Marana, Ariz. The all equity deal closed on Friday, March 28, for just over $1M.
All four parcels were previously owned and entitled by Meritage Homes. 17.5 acres of the 23.5-acre deal are located within the Sanders Grove master plan, which includes 2,500 lots located on Marana Road west of Interstate 10 in Pima County. The remaining six acres consist of three two-acre commercial corners adjacent to the Meritage master plan community in Rancho Marana, located near Tangerine Farms Road and Clark Farms Boulevard. Will White of Land Advisors Organization was the broker on the transaction.
“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 also be used for residential building,” explained Bury. “When we learned Meritage was also looking to sell the three commercial corners, we knew it would be a good investment.”
Randall Martin and Soundview also partnered on a $2.2M real estate investment in Las Vegas earlier this year. In February, they closed on Shadow Ranch, a residential community of 105 lots on 20 acres in North Las Vegas. The property was purchased from an entity created by a joint venture between Rialto Capital and the FDIC.
Based in Scottsdale, Ariz., Randall Martin is a real estate investment firm that specializes in purchasing raw land for development and sale in the southwest.
