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PARKER, CO-Phoenix-based Pivotal Group has paid $72 million for 3,000 acres in this town 20 southeast of Denver known as Stroh Ranch and SunMarke. The seller was Ascente Pointe, which was the holding company for Martin Nixdorf, a German industrialist whose family made a fortune in the computer industry.

Ascente Pointe first purchased the land more than two decades ago. When built out, the land will have room for about 6,200 homes, as well as various commercial parcels. The property is east of Interstate 25 and about five miles south of the E-470 toll road.

“I know we have a couple of hundred of acres of land for commercial and retail,” Francis Najafi, chief executive officer of Pivotal Group, tells GlobeSt.com. “Exactly how many square feet that will mean, I can’t tell you at that time.”

Najafi says his group will be discussing the commercial potential. They also plan to rename and rebrand the property, he says. His privately held group has a real estate portfolio worth about $1.5 billion. This marks Pivotal’s first purchase in Colorado. “Colorado is a perfect addition to our existing community projects in Arizona, Texas and Utah. We’ve been looking at Denver for the past couple of years,” Najafi says.

Other Pivotal Group communities include the 6,500-acre development, Promontory and the Ranch Club in Park City/Deer Valley, UT; the 820-acre Cimarron Hills Golf & Country Club in the Austin, TX area featuring a Jack Nicklaus Signature golf course and custom home sites; the 1,400-acre WestWing Mountain community in northwest Phoenix surrounded by the Sonora desert; and Sandia, a 3,200-acre residential community to be developed southeast of Phoenix.

Pivotal Group’s portfolio has also included assets and projects such as the Century Plaza Hotel & Spa and the St. Regis Hotel in Los Angeles; the Ritz-Carlton Phoenix; Red Mountain Spa in Southern Utah; 650 California St. in San Francisco’s financial district; and Esplanade Place, a luxury residential high rise in Phoenix.

“We have bought hotels and office buildings in the past, but we are now focusing our business on master-planned communities,” Najafi tells GlobeSt.com. “After we get our hands around Stroh Ranch and are better known in the Denver area, we may look at other purchases in Colorado. We have bought hotels and things in the past, and we could do it again in the future, but at this time we are most interested in master-planned communities.”

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