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Developer Closes $14-Mil Buy, Options More Land

FLORENCE, AZ-Atlanta-based Vanguard Properties has closed on a 5,550-acre deal and is in escrow on another 3,200. The entire portfolio of BHP Copper is now being eyed for a master-planned community. Vanguard has spent $14 million to date.

By D.J. Burrough | Updated on June 27, 2001

FLORENCE, AZ-An Atlanta-based residential developer has paid a little more than $14 million for 5,550 acres just south of the Valley and is in escrow on another 3,200 acres. The acreage is ticketed for a massive master-planned community, including commercial development, over the next decade.

Vanguard Properties Inc. has bought the entire land portfolio of BHP Copper, a Tucson-based copper company. The sale is expected to close some time in the near future. CB Richard Ellis’ Phoenix brokers–John Bullington, Chaz Smith, John Finnegan and Susan Mendonca–have represented the seller.

The acreage is in Pinal County at Felix Road and Hunt Highway just outside the town of Florence, which is about 35 miles southeast of Phoenix. “It came up for sale so we bought it,” Adrain Taylor, Vanguard’s senior vice president, tells GlobeSt.com. “We see a piece of land that in a few years looks like it will be ready for some kind of residential development. It seemed to be one of the few large parcels that were available. We are real happy to tie that up and purchase it.”

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