May 06, 2016, 08:40 ET from Virtua Partners

SAN DIEGO, May 6, 2016 /PRNewswire/ — Virtua Partners announced today that it has acquired approximately 21 acres of undeveloped land on the I-10 freeway in Tolleson, Arizona.  The site is on the southeast corner of 91st Avenue and McDowell Road and will be developed by Quyp Development Services, an affiliate of Virtua.  Current plans call for two hotels, retail, and apartments on the property.  The property was purchased for $2.55MM and has one quarter mile of frontage on the I-10 freeway.

“We are excited to have the opportunity to develop this highly visible property,” stated Quinn Palomino Principal of Virtua Partners and Quyp Development.  “Market conditions in the West Valley are strong and we expect growth to continue over the next few years.  In addition, the City of Tolleson is very supportive of commercial development and we look forward to working with Tolleson to create a high quality project.”

Versant Commercial Brokerage Inc. assisted Virtua Partners with the property acquisition and capital raise.  “Many investors are looking for growth opportunities and this type of investment can fit nicely into an investor portfolio,” commented Derek Uldricks, Vice President at Versant.  “This location is excellent due to its proximity to the freeway, surrounding sporting attractions, ease of accessibility, availability of utilities, and support from the local municipality.”

Ethan Schelin from Landmark Capital Advisors assisted Virtua in locating and placing the senior debt; Cathy Cheshier from Property Dimensions Real Estate Group represented the buyer. Quyp Development currently has six projects in the Greater Phoenix market, including projects in Mesa, Avondale, Goodyear, Peoria and Phoenix.