Phoenix, Ariz. – Cushman & Wakefield completed a 51-acre sale at Marbella Ranch Phase I, located at the northwest corner of El Mirage Road and Glendale Avenue in Glendale, Ariz. Three national home builders including KB Homes, Lennar Homes and Meritage Homes purchased the property from Scottsdale-based TRS 8 LLC (an entity of Marbella Homes) for $4,864,950.
Brent Moser, Mike Sutton and Brooks Griffith with Cushman & Wakefield’s land group represented the seller in the transaction.
The 51-acre site, within Marbella Ranch, will include 295 lots for single-family homes. KB Homes purchased 96 lots, Lennar Homes purchased 99 lots and Meritage Homes purchased 100 lots.
“Marbella Ranch is emerging as the premiere west valley destination for home buyers seeking efficient, value priced homes with a short commute to jobs and entertainment venues,” said Moser.
In 2017, Cushman & Wakefield facilitated the original 61-acre sale at Marbella Ranch to the three home builders. The purchase included 254 lots for single-family homes. KB Homes purchased 84 lots, Lennar Homes purchased 88 lots and Meritage Homes purchased 82 lots.
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.