Walton, an international real estate investment and land asset management company with US$3.39 billion of land under management and administration, announced it has sold 684 partially finished single-family home lots in the Cross Creek development at the corner of West Vah Ki Inn and Kenworthy Roads in the growing city of Coolidge, Pinal County, Ariz. In addition, Walton sold 650 acres of pre-development land in the Sandia master-planned community located near North Signal Peak Road and Hwy 87 in Coolidge.
Originally purchased by Walton in 2010 as a future land investment opportunity, the 684 partially built lots in Cross Creek were sold to Cross Creek LF, LLC, a third-party purchaser.
The 650 acres in Sandia were purchased by Walton in 2009 as part of an institutional joint venture fund managed by Walton and has recently sold to a group of investors which included AndersenCP Investments LLC, Eloy 660 LLC, NAA Holdings LLC, LI Sandia LLC and CGC Property Holdings LLC. The entire 3,000-acre master-planned Sandia development – the first annexed master plan in Coolidge — is approved for more than 10,000 residential units as well as supporting commercial and public facilities.
“Walton is excited to see land development activity returning to Coolidge,” said Jen Ruby, Senior Vice President of Walton. “The incorporated municipalities in Pinal County continue to experience significant increases in single-family homebuilding permits. As of last fall, the City of Coolidge had issued 151 permits versus only seven during the same time the previous year — a positive sign there is major growth coming to Coolidge.”
Situated within 60 miles from Phoenix, Coolidge’s infrastructure is already in place with readily available gas, electricity, water, roadways and railway lines. Pinal County has been working to stay ahead of developers and is primed for the influx of new businesses and a growing population.
Nikola Motor Company (NASDAQ: NKLA) has purchased 389 acres in Coolidge to develop a factory that will produce electric and hydrogen-fueled semi-trucks and other vehicles as well as build out the hydrogen fueling infrastructure needed to power its vehicles. The factory plans to be up and running by 2021 which will further increase the demand for residential opportunities in Coolidge.