A New York developer has bought the Gladden Farms master-planned community in Marana for an undisclosed purchase price.
The purchase by Petrus Partners Ltd. includes 500 undeveloped residential lots in Phase I, and in Phase II, 370 acres of entitled residential land planned for 2,345 resident units and 123 acres of commercial property. Petrus Partners bought the property from Forest City Land Group, a subsidiary of Forest City Enterprises Inc. in Cleveland, Ohio.
Forest City started work on Gladden Farms in 2003 and various homebuilders ultimately constructed 1,100 single family homes in the first phase of the project. Builders included Pulte Homes, Lennar Homes and MDC-Richmond American Homes, all of whom operate active subdivisions within Gladden Farms. Originally, 3,600 lots had been planned on 1,350 acres within the project. Currently, new homes in Gladden Farms range from $175,000 to $250,000.
In addition, in 2007, Forest City sold a 58-acre hospital campus site in Gladden Phase II to Community Health Systems. More than 40 acres of additional commercial land has been sold to retail developers.
With the closing of the sale, Dean Wingert, senior vice president of Forest City Land Group, joined Petrus Group as vice president of Crown West Realty and head of Crown West Land Group. Wingert has more than 30 years experience in residential land development, and while with Forest City, oversaw development of master planned communities in Tucson, Las Vegas, Denver, Seattle, Austin, Dallas, Albuquerque and San Antonio.
Wingert said Petrus Partners is Crown West’s parent company, with offices in New York, Phoenix, Denver, Tucson and Spokane, Wash.
Of the future for Gladden Farms, Wingert said Petrus is excited about its presence in Southern Arizona, and plans to be the new master developer in Marana.
Wingert noted that home builders are showing renewed strength, and are ready to buy platted lots. Some of those lots are market ready, while other land may be sold as-is, he added.