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.