Phoenix Business Journal - by Jan Buchholz Friday, October 2, 2009
Walton International Group is solidifying its position as a major landholder in the
The
In December 2008, the Phoenix Business Journal reported that Walton had purchased about 10,000 acres in
“We believe in the location, and we believe in the leadership in the town of
Homes and multifamily housing are the most likely uses for the land, with a smaller percentage of commercial development rounding out the mix. The land previously had been master-planned as the Monte Verde community, but interim Buckeye Town Manager Stephen Cleveland said Walton wants to make revisions to that plan and invest more in infrastructure that will benefit the town.
“This is a tract that for us will actually help with infill between the existing town and Highway 85 and the (Interstate) 10 corridor,”
That’s how Walton officials view it, as well.
“We strategically chose this property from amongst a lot of land in the area that is on the market because of its unique position and importance to the long-term growth of the town,” Leinbach said.
Buckeye has been hit particularly hard by home builders and developers that were unable to weather the economic storm. Some walked away from properties, and many acres have been taken back by banks through foreclosure sales.
Walton purchased the Buckeye land from BCREO I LLC, an entity formed by Barclays Capital Real Estate in
Details of the auction, which was scheduled for December, are unknown, as are any specifics about Walton’s negotiations to secure the land from Barclays at a discounted price.
“They were conducting their due diligence,” he said.
Walton will have to build significant infrastructure, including water, sewer and roads, to proceed with its plans, he added. But the company’s land investment is substantially lower than that of previous owners.
Mike Koch, Walton’s senior vice president of land research and acquisitions, sees the purchase as a good deal from the long-term perspective.
“It’s a proven and established market in the
Jordan Rose, principal of Rose Law Group PC and the attorney representing Walton in the land deal, concurs with her client.
“Walton is using this down market to enhance the value of their holdings through good planning,” she said. “They are taking this time to evaluate and sometimes revise previous land plans so that they are poised for positive growth when the real estate engine starts to hum again.”
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Walton International Group: www.waltoninternational.com
