That’s the Last of It — Two Builders Acquire the Remaining Bank-owned Lots at Bridges at Gilbert

VIZZDA—March25th, 2013 — Marking an end to the bank-owned bulk lot inventory for Bridges at Gilbert, Lennar and Shea Homes acquired a total of 187 partially improved lots. Bridges at Gilbert is located east of the southeast corner of Queen Creek & Higley Roads in the Town of Gilbert.  Both builder’s paid additional sums per prior joint development agreements and lot improvement reimbursements. The homebuilders purchase is as follows:

  • Lennar Homes
    • Phase 1 , Parcel 3 
    • 88 Partially improved lots in an 88 lot parcel
    • Average dimensions: 55’X110′ or 6,050 SF lot area 
    • Platted September 15th, 2006 
    • 19.66 gross/14.68 net acres (3.5 DU/AC)
    • Zoned SF-6 
    • Town of Gilbert indicates minor development standards to be amended soon.
    • Sales Price: $6,413,000 / $72,875 per lot / $1,325 per FF
  •  Shea Homes 
    • Phase 1 , Parcel 5
    • 99 partially improved lots in a 99 lot parcel 
    • Average dimensions: 45’X102′ or 4,590 SF lot area
    • Replatted March 11th, 2013
    • 16.82 gross/13.8 net acres (3.5 DU/AC) 
    • Zoned SF-D 
    • Originally platted as “Z” lots in 2006.
    • Sales Price: $5,680,125 / $57,375 per lot / $1,275 per FF

The seller was an entity formed by Wachovia/Wells Fargo Bank with Mr. Marc Curtis (VP) as signatory for Wells Fargo in North Carolina. Wells Fargo, as successor to Wachovia acquired all of phase 3 (88 lots), phase 4 (72), and phase 5 (99 lots) through trustee sale January 4th, 2010 for a $5.4M credit bid; foreclosing on $22.2M original debt. Elite Homes had previously purchased phases 3, 4, & 5 (259 platted lots) on December 18th, 2006 for $19.8M – sold by the Nicholson Company. Phase 4 of Parcel 1 was purchased.


Hadden Schifman

Managing Director

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