Melcor Developments Arizona Inc., Tempe, a subsidiary of Melcor Developments Ltd. in Edmonton, Alberta, Canada, has acquired 196 acres located in Buckeye, Arizona for $10,186,000 in cash from SBH La Privada LP, a limited partnership formed by Sunbelt Holdings Inc. in Scottsdale. Land Advisors Organization, Scottsdale, represented the buyer; Nathan & Associates represented the seller.
The undeveloped land located north of Yuma Road and east of Perryville Road is zoned for 578 single-family residences in a community called La Privada.
Ryan Mott, an executive with Melcor Developments in Phoenix, says the company intends to evaluate the market before deciding on the final lot product.
The land adjacent south and west of La Privada that is targeted for another 350 lots between two communities Paseo Place I and Paseo Place II is also owned by Melcor Developments Arizona. In July 2014, Melcor paid $6.511 million to acquire 120 acres located along both sides of Yuma Road and west of Citrus Road that comprises those projects.
