SWVP Picks Up 37-Acre Parcel in Chandler

October 7, 2011

Chandler -­‐ A company formed by Southwest Value Partners in San Diego, California paid $4.1 million in a cash transaction to purchase a 37-­‐acre parcel in Chandler that is targeted for future development as a business park. The seller was Stearns Bank Arizona in Scottsdale. The property is located two miles south of the 202 Loop at the southwest corner of Price and Queen Creek roads. Justin Merritt of SVP says the company will hold the property for investment, and look for build-­‐to-­‐suit opportunities and sell parcels to employment users. The site is suitable for about 500,000 sq. ft. of space. SVP is working with LGE Corp. in Phoenix to develop a site plan and pursue development deals on the site. The company acquired the property with a $140 million equity fund that it is managing.

Over the years, BREW has reported companies formed by Southwest Value Partners buying numerous properties in the Valley. The company now controls more than 23,000 residential lots in the Greater Phoenix area. In August, BREW reported SVP forming a joint venture and paying $4.055 million ($36.19 per foot) to acquire a 112,060-­‐square-­‐foot office-­‐retail project at the northwest corner of Elliot and Kyrene roads in Tempe. In April 2010, BREW reported companies formed by SVP paying just over $27.65 million to buy 4,508 acres in a planned community in the Florence area of Pinal County called Merrill Ranch. The 8,752-­‐acre Merrill Ranch project is located about 2 1⁄2 miles west of Highway 79 (Florence Highway), and is bisected by both Hunt Highway and Felix Road. The land is zoned and entitled for 15,000 single-­‐family lots. Roughly 900 acres is targeted for commercial and industrial uses.