Shea Homes, one of the most active homebuilders in the Valley, and Sunbelt Holdings have closed on their purchase of Pleasant Point, a 7,100-acre parcel near Lake Pleasant. The parcel is northwest of 99th Avenue and Jomax Road.

The partnership is planning to develop a master-planned community on the site, which is just north of Sun City and Sun City West, two of Del Webb's most popular retirement communities. Pleasant Point, which is less than four miles south of Lake Pleasant, is expected to have a retirement component as part of it. Del Webb representatives have said that the deal has not yet been signed, but it could be a Sun City.

Shea and Sunbelt purchased the parcel in a bankruptcy auction for the now defunct Baptist Foundation of Arizona, which filed for bankruptcy protection late last year. The foundation purchased the parcel for $40 million several years ago, and it was the crown jewel in the organization's portfolio.

As part of the deal, Shea and Sunbelt paid $16 million upfront for the parcel and will pay $69 million over the next four years. With interest, the purchase price could grow to $105 million. The partnership outbid Del Webb for the parcel. Webb had offered $65 million in cash for the parcel.

Del Webb did get something out of the deal. In order for Shea to get the entire parcel, the Foundation had to repay Del Webb the $28.6 million it had paid for an interest in a 2,100-acre section. Del Webb got back $22 million and additional considerations, said company officials.

The land brokerage firm Nathan and Associates, with President Nate Nathan, brokered the land deal.