News
ACKERMAN BROKERS HUGE LAND PLAY
October 12, 2010
| It's amazing what a couple of million dollars will get you today: a whole heck of a lot of land. Ackerman & Co's Kyle Gable and John Speros have just brokered a major land deal at a steep discount. |
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| Arizona real estate investment firm Walton International Group purchased 312 acres along Fulton Industrial Boulevard near Campbellton Road for $2M, or about $6,400/acre, John says. A bit of history: The property was acquired by Suber Road in December of 2007 with plans to build a massive residential mixed-use community called Woodbury Park, containing 769 residential units and 38k SF of office space. To make this dream a reality, the group paid $12M for the acreage. Well, time and tide aside (as well as a real estate crash) it was foreclosed and reverted back to GMAC ResCap, which recently sold it to Tampa-based Kolter Group in a portfolio sale, which in turn sold it to Walton. John says don't expect anything to come out of the ground anytime soon. (Even on Halloween?) He tells us this parcel, "is not ready for development. I think they're just kind of in a wait-and-see attitude and can afford that attitude based on the price they paid." |
