Stolworthy Buys 36 Acres in Deer Valley Area

Wed, 02/02/2011 - 00:00 -- Jeff

Phoenix - A company formed by investor Randy Stolworthy of RRS & Co. in Phoenix paid $9.45 million to buy a 36-acre parcel located east of the southeast corner of 21st Avenue and Happy Valley Road in Phoenix. The seller was a company formed by investors Gordon Hardy and Sandra Kramer in Phoenix. The sale was negotiated through Bob Lundstedt of Cushman & Wakefield of Arizona Inc. in Phoenix, and Don Busching of Landmark Commercial in Phoenix. Stolworthy says he plans to develop a mixed-use retail-office-industrial project on the land. RRS & Co. will install infrastructure and sell parcels ranging from about 1 to 2 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. Stolworthy says he may spec build some office and/or industrial space. 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 Lundstedt at (602) 253-7900. Talk to Kroot at (602) 834-8500. Busching is at (602) 870-7054.