Friday, May 11, 2012

Fulton Homes Purchases Freeman Farms, Phase 1A & Acreage

VIZZDA, May 11, 2012Fulton Homes has completed the purchase of 73 final platted lots north of the northwest corner of Greenfield & Chandler Heights Roads and 234.8 acres of undeveloped land north of the northwest corner of Ellsworth & Rittenhouse Roads in separate transactions. 

The Lots average 160’ x 220’ or 35k SF and total 89.1 acres—77 acres net—zoned SF-35. The sale price was $5.11m or $62,939 per acre, $70k per lot or $436 per front foot. Seller was Jerry Moyes of Swift Transportation.

The undeveloped land is under a development agreement between the buyer and the sellers—Adam & Stephen Hatch—dated 5/10/2012, whereby the seller retains 39 acres. The sale price was $10,565,860 or $45k per acre. 

Norman Nichols of Fulton Homes was signatory to both transactions. No new debt was issued with sale though Fulton Homes has an $128,941,196 existing line of credit with Starwood Capital of Greenwich, CT.

Paul Dionne
Research Analyst
(202) 258-9508

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