A fund managed by New York City-based GTIS Partners invested 70% of the equity capital, while San Diego-based SWVP contributed the remaining 30% of equity capital. SWVP, a privately-held real estate investment company will manage the day-to-day operations of the partnership.

Located in northern Pinal County along Hunt Highway, Merrill Ranch is about 30 minutes southeast of the Gilbert/Chandler/Mesa submarkets. The parcel is partially entitled for up to 18,000 residential lots and an additional 900 acres are fully entitled for commercial use. The commercial portion could eventually accommodate more than 2 million square feet of retail or office, according to Tom Shapiro, president of GTIS Partners.

A group of more than 60 sub-participant banks and the FDIC, led by the People's Bank of Winder, foreclosed on the property in February 2009. Atlanta-based Bull Realty was chosen to market the property. During the first 60 days on the market, Bull produced 12 cash offers for the property. Start to finish, Bull had generated over 20 cash offers from buyers across North America.