Stolworthy Assembles 66 Acres in Deer Valley Area

Fri, 02/04/2011 - 00:00 -- Jeff

Phoenix - A company formed by investor Randy Stolworthy of RRS & Co. in Phoenix paid just under $9 million to purchase a a 30-acre parcel at the southwest corner of Happy Valley Road and 19th Avenue in Phoenix. The seller was a company formed by LaPour Partners in Las Vegas (Jeff LaPour, principal). The sale was negotiated through Bob Lundstedt and Darren Tappen of Cushman & Wakefield of Arizona Inc. in Phoenix. In May 2002, BREW reported LaPour paying $5.5+ million to buy the land, located in the Deer Valley area. Stolworthy is combining that tract with a 36-acre parcel that he owns contiguous to the west and will develop a mixed-use business park on the property. In April, BREW reported another company formed by Stolworthy paying $9.45 million to buy a 36-acre parcel located east of the southeast corner of 21st Avenue and Happy Valley Road. RRS & Co. will install infrastructure and sell parcels ranging from about 1 to 2.5 acres. Lundstedt has been hired to market the office and industrial parcels. And Andy Kroot of DeRito Partners in Phoenix is handling the marketing of the retail component. Those pads are targeted for fast food, sit down restaurants, a bank branch, etc. RRS & Co. has been an active player in the Valley real estate and finance industries. Stolworthy says he is interested in buying additional commercial parcels in the Phoenix area . . . preference is for land suitable for business park development. And Stolworthy is also looking for opportunities to provide equity and bridge loans to other developers. Find out more from Stolworthy at (602) 553-0082. Reach LaPour at (702) 222-3022. Talk to Lundstedt and Tappen at (602) 253-7900. Call Kroot at (602) 834-8500.