Investment firm Virtua Partners purchased 51 acres in Queen Creek for $996,642, with plans to mine and sell the surface materials and negotiate a long-term lease with a sand and gravel operator.
Virtua Partners purchased the land out of REO, for $19,542 per acre. If it turns out to be more profitable, Virtual could complete entitlements of single family residential lots on site to sell to homebuilders. If that’s the case, Virtual would have the property developed by its Phoenix-based affiliate, Quyp Development.
The project was capitalized with $1.3 million of equity and no debt. 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.
“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.”