VIZZDA–May 11, 2012 – Fulton Homes has completed the purchase of 73 final platted lots north of the northwest corner of Greenfield & Chandler Heights Roads and 234.8 acres of undeveloped land north of the northwest corner of Ellsworth & Rittenhouse Roads in separate transactions.
The Lots average 160’ x 220’ or 35k SF and total 89.1 acres—77 acres net—zoned SF-35. The sale price was $5.11m or $62,939 per acre, $70k per lot or $436 per front foot. Seller was Jerry Moyes of Swift Transportation.
The undeveloped land is under a development agreement between the buyer and the sellers—Adam & Stephen Hatch—dated 5/10/2012, whereby the seller retains 39 acres. The sale price was $10,565,860 or $45k per acre.
Norman Nichols of Fulton Homes was signatory to both transactions. No new debt was issued with sale though Fulton Homes has an $128,941,196 existing line of credit with Starwood Capital of Greenwich, CT.