Patrick Adler vice president of acquisitions for T W Lewis closed a deal October 29, 2012 with David M Maloof principle of Maloof Commercial and Kreg Korinek of P W Feenstra Construction for 20 custom home lots in Acacia located south of the southwest corner of Higley & Riggs Rds in Gilbert, AZ.
The 20 finished custom lot are planned for semi-custom one-story homes ranging in size from 3,460 SF to 3,838 SF. The lots have a minimum of 120 ft by 170 ft (20,400 SF) and the following setbacks: 30 ft in front, 15 ft sides and 30 ft in rear. The gated community of Acacia totals 55 lots on 39.50 acres.
These lots were previously acquired on June 2, 2006 by Scott Ward, the developer of Acacia, as 39.50 acres of land from Patrick W Feenstra of P W Feenstra Construction for $12.0M or $79,163 per acre with $1.0M down and $13.37M debt with M&I Marshall & Ilsley Bank. P W Feenstra Construction and Maloof Commercial purchased the note October 31, 2008 for an undisclosed sum.Edward Moore
Director of Research