The Parkfield property, which represents the largest land salenear DIA in several years, is bordered by Pena Blvd., E. 48th and56th Aves. and Chambers Rd. The entire parcel is zoned for morethan 2,000 houses and 6.3 million sf of commercial space.

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The buyer has formed the Parkfield Property LLC to act as owner.Demand is such that the group immediately recouped $784,000 byselling 50 acres to Engle homes, which plans to spend $1.1 millionon infrastructure improvements. In addition, Del West, a local homebuilder will close in December on 65 acres, paying $5 million forthe tract.

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Stew Mosko, one of the city's top land brokers with Fuller andCo., and Mike Kboudi have handled the transactions with ParkfieldProperty LLC, Engle and Del West. They also are the listing agentsfor the balance of the land.

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"This is really the last prime commercial parcel in Denver nearthe airport," Mosko tells GlobeSt.com. "It would be perfect for alarge commercial/industrial developer such as Catellus, or aPanattoni or ProLogis to buy. It would make a very nice businesspark. After all of theseyears, Parkfield is just going to explodewith activity."

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Its history--which involved the savings and loan crisis of the1980s, a former religious teacher, and most recently, a real estateadvisor accused with ties to organized crime--is one of the mostinteresting in the metro area, says Mosko. In the mid-1980s, theFederal Deposit Insurance Corp. acquired the property from thefailed San Marino Savings and Loan of CA, which lent $18 million,or $28,777 an acre, in 1983 to Nu-West Development Corp., the USsubsidiary of a once-large Canadian home builder. "This is theproperty where all of the hotels near DIA should have gone," Moskobelieves. "It provides a lot better access right off PenaBoulevard. than the hotels on Tower Road. But it got caught up inthat FDIC debacle, and was never developed in a timely fashion,like it should have been."

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The land, totaling 443 acres in 1995, was purchased by ShaulBaruch, a Texan who held a doctorate in rabbinical studies.Baruch's company, Dallas-based Masterex Texas Investments andDevelopment, paid $3.95 million for the land or roughly $9,000 peracre. In 1996, he sold Parkfield to American Realty Trust, aDallas-based REIT, for about $8.5 million, according to publicrecords. American Realty, in turn, sold off parcels to Pulte Homesand Legacy Partners, which built an apartment complex on theland.

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Then, the sledgehammer fell again in June when Gene Phillips, adirector and investment advisor to American Realty, was charged aspart of a mammoth securities racketeering fraud case. Theinvestigation has netted 120 prominent people who are allegedlylinked to a scheme involving five organized crime families accusedof infiltrating Wall Street. The nationwide stock fraud has causedmore than $50 million in stock losses, according to thegovernment.

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American Realty wasn't charged, but its stock has been hurtbecause of the Phillips' ties. "We got a call (from AmericanRealty) saying they were getting margin calls and they had to sellthe land quickly to come up with cash," says Mosko. "They said theyneed to sell in a time frame of 30 days." Within a month, Mosko andKboudi found a buyer and simultaneously began lining up deals withDel West and Engle Homes. "It was a Herculean task," assessesMosko. "It was really something to watch. It was like a RubeGoldberg puzzle. If one piece didn't fit, the whole thing wouldhave come apart.

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