Foltz nabs part of Mariposa’s distress listing
High Desert Investment Corp. has hired Arizona brokerage Land Advisors Organization along with veteran Albuquerque real estate broker Greg Foltz to find a buyer for its distressed Mariposa subdivision in Rio Rancho.
“This is not a fire sale, but the sale of a property under distress,” said Gary Gordon, a spokesman and board member for High Desert Investment Corp. “There is no price on the offering and at this point, we are sourcing the offers. There have been a few offers, but they are not satisfactory. This is not a straightforward deal. We are selling 53 completed custom lots and approximately 800 vacant acres as well as two buildings that includes the community center. Our hope is to sell to a master developer who can walk in and play that role.”
Gordon said Land Advisors Organization has done similar sales of distressed subdivisions throughout the U.S. and has the national reach to find a new investor. Gordon noted that he canvassed New Mexico for a buyer, but didn’t find any who had the financial wherewithal to make the deal.
Scottsdale-based Land Advisors does not have any brokers in the Land of Enchantment. Foltz, the president and qualifying broker at Coldwell Banker Commercial-Las Colinas, was brought into the listing as the qualifying broker.
High Desert Investment has not sold any lots in its upscale Mariposa development in five years, although two of its communities sold out prior to the start of the recession, and last week decided to pull out of the project. The project’s sale is weighted with infrastructure bond indebtness of $16 million.
New Mexico Business Weekly
June 19, 2012 | Steve Ginsberg