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Cushman & Wakefield Completes Sale to KB Homes, Lennar Homes and Meritage Homes
PHOENIX, Sept. 6, 2017 – Cushman & Wakefield completed a 61-acre sale at Marbella Ranch, located at the northwest corner of El Mirage Road and Glendale Avenue in Glendale, Arizona. Three national home builders including KB Homes, Lennar Homes and Meritage Homes purchased the property from Marbella Ranch LP for $5,187,000.
Brent Moser, Mike Sutton and Brooks Griffith of Cushman & Wakefield represented the seller. Howard Weinstein, Patty Lafferty and Derek Harris of Pacific Land Co. acted as advisors to a couple of the home builders.
The 61-acre site, within Marbella Ranch, will include 254 lots for single-family homes. KB Homes purchased 84 lots, Lennar Homes purchased 88 lots and Meritage Homes purchased 82 lots. All three home builders have the option to purchase additional parcels within Marbella Ranch.
Marbella Ranch consists of approximately 252 acres and is entitled for up to 1,260 units. The seller, Marbella Homes co-owned by Brian Hegardt and John Wittrock, was founded in 2012. The site is three miles from the Glendale Loop 101 Entertainment District, which includes the University of Phoenix Stadium, home to the Arizona Cardinals, and Gila River Area, home to the Arizona Coyotes.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
