Original Article from the Business Real Estate Weekly of Arizona.
COOLIDGE – A company formed by Everest Holdings in Scottsdale (Joe Blackbourn, principal) paid $3.2 million to acquire 227 finished lots located within the Heartland Ranch community in Coolidge. The property is just north of the northwest corner of Kenilworth and Kenworthy roads in Pinal County. The seller was Meritage Homes in Scottsdale. The deal was brokered through Will French of Grubb & EllisBRE Commercial in Phoenix.
The lots average a minium of 4,950 sq. ft. (45×110). Blackbourn says he intends to hold the home sites “until the market is back in balance.” Blackbourn says his company has a $100 million land opportunity fund targeted for buying residential dirt in the Phoenix, Las Vegas, and So. Calif. markets. BREW has also reported Everest Holdings buying and selling hotel properties in the Valley.