A fund managed by New York City-based GTIS Partners invested 70%of the equity capital, while San Diego-based SWVP contributed theremaining 30% of equity capital. SWVP, a privately-held real estateinvestment company will manage the day-to-day operations of thepartnership.

Located in northern Pinal County along Hunt Highway, MerrillRanch is about 30 minutes southeast of the Gilbert/Chandler/Mesasubmarkets. The parcel is partially entitled for up to 18,000residential lots and an additional 900 acres are fully entitled forcommercial use. The commercial portion could eventually accommodatemore than 2 million square feet of retail or office, according toTom Shapiro, president of GTIS Partners.

A group of more than 60 sub-participant banks and the FDIC, ledby the People's Bank of Winder, foreclosed on the property inFebruary 2009. Atlanta-based Bull Realty was chosen to market theproperty. During the first 60 days on the market, Bull produced 12cash offers for the property. Start to finish, Bull had generatedover 20 cash offers from buyers across North America.