PHOENIX, ARIZ. (June 16, 2021) – NAI Horizon represented the seller in the disposition of a 5-acre parcel of the 26.1-acre Planned Area Development-zoned Rumsey Ridge Development site near the intersection of State Route 87 and Malibu Drive in Payson, Arizona.
NAI Horizon Senior Vice President John Filli, SIOR, represented Fieldbrook Payson Partners, LLCA, a Utah limited liability company in the $455,000 sale. The buyer is Christopher J. Martin and/or Assignee of Granite Bay, California. At close of escrow, the property was assigned by Christopher J. Martin and/or Assignee to Widdershins LLC, an Arizona limited liability company.
The buyer, an investor/developer, has a first right of refusal with an option to purchase Phases 2 and 3 of the northern half of the Rumsey Ridge Development.
“As I look back at the effort it took to complete such a sales transaction opportunity, I am reminded that ‘opportunity is missed by most people because it is dressed in overalls and looks like work,’ ” Filli said.
The subject land parcel is situated west of SR 87, immediately adjacent to the west and north property lines of the Payson Wal-Mart, on the east side of the Forest Hills Condominium subdivision, and north of SR 260. The proposed development has a total site area of approximately 1.167 million SF (26.1 acres) made up of one large parcel and one very small parcel.
In July 2009 a developer had plans to develop the property as a multi-family residential project with a maximum number of dwelling units per acre with neighborhood amenities located throughout the property that were to include parks, open space, clubhouse, and pool.
In moving forward with the project, the developer-initiated discussions with Planning, Zoning and Public Works personnel and learned that an approved Rezoning/PAD Overlay would be required to allow for increased density and innovative internal roadway sections.
On December 30, 2013, the Rumsey Ridge Development property was purchased by TTLC Timber Ridge LLC, a foreign Arizona limited liability company, for $2.147 million on a seller carry-back basis. During the transaction, the seller was represented by NAI Horizon’s Filli; the buyer was self-represented.
In early 2018 the property was repossessed via trustee’s sale by the original seller (Fieldbrook Payson Partners LLC). In late 2018 the 26.1-acre Rumsey Ridge land site once again became available for purchase through NAI Horizon (Filli), this time with PAD zoning in place.
“In looking back (from July of 2009 to the present), I can honestly say that ‘the man who gets ahead is the one who does more than necessary – and keeps on doing it,’” Filli added.
About NAI Horizon
Exceptional global commercial real estate solutions begin with local market leadership and expertise. Established in 1992, NAI Horizon is a full-service commercial real estate company serving Arizona with offices located in Phoenix and Tucson. NAI Horizon is passionate about the commercial real estate business, providing Brokerage and Property Management Services for local, national and international clients. NAI Horizon is a member of the NAI Global commercial real estate network providing real estate solutions to more than 300 offices worldwide. For more information visit www.naihorizon.com.
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Advisory Services, Leasing, Property Management, Property & Note Sales and Tenant Representation
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 300 offices in 43 countries strategically located throughout North America, Latin America and the Caribbean, Europe, Africa and Asia Pacific, with 5,100 local market professionals, managing in excess of 1.1 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions and a gross revenue of $1.5 billion.
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