Real Estate Briefs
Realty Execs celebrate 1st year in Thailand
Phoenix Business Journal - by Martha Netherton
Realty Executives International is celebrating its first year of business in Thailand.
The Phoenix-based real estate franchise chain, which operates in 40 states as well as Canada and South Africa, now operates 16 Thailand franchises and has sold the rights to open 10 more.
"We're not just building a franchise system in Thailand -- we're building an entire industry," said Realty Executives International president Rich Rector.
Realty Executives was established by Rector's father, Dale Rector, in 1965. Today the company oversees 462 franchises with 6,093 agents.
M.R. Tanner moves to Gilbert
M.R. Tanner has purchased a 5-acre tract for its new corporate headquarters in Gilbert.
The Mesa-based highway-construction contractor purchased a parcel at the southeast corner of San Angelo and San Pedro streets for $287,000. The land is within Fiesta Ranch, a master-planned industrial park.
Tanner, which has been operating in the Valley for four years, plans to start construction of the building in the next six months, officials said.
Brokers Mike Haenel and Tony Ardizzone of Grubb & Ellis negotiated the land transaction.
SunCor builds new center
Phoenix-based SunCor Development Co. is building the first retail shopping center in the Palm Valley master-planned community in Goodyear.
Contractor D.L. Withers Construction Inc., Phoenix, has started building Palm Valley Marketplace at the southwest corner of the Indian School and Litchfield roads bypasses.
The $3.81 million shopping center, which will be anchored by a 55,000-square-foot Safeway grocery, is scheduled to be completed in March.
Designed by Ellermann & Schick of Phoenix, the center will offer about 20,000 square feet for 10 to 15 retail spaces on the 14-acre lot. A 6,000-square-foot pad also is being built by Withers for a Blockbuster Video store.
Centex, Cavco merge
Dallas-based Centex Corp. and Phoenix-based Cavco Industries Inc. have entered into a merger agreement in which Centex would acquire approximately 80 percent of Cavco's outstanding common stock at a price of $26.75 per share.
The estimated transaction value is about $75 million. There are 3.56 million shares outstanding.
Centex is one of the nation's largest homebuilders and home mortgage generators and expects to deliver more than 12,500 homes during the fiscal year ending March 31.
Cavco delivered 4,893 manufactured homes during its most recent fiscal year ending Sept. 30.
The contemplated merger will be the first combination in recent years of a manufactured-housing company with a builder of conventional housing. The merger is expected to be completed by the end of the first quarter of calendar 1997.
Estancia honored
The Estancia Club has been named North America's best new private golf course for 1996 by Golf Digest magazine.
The Estancia Club is an invitation-only, 375-member equity golf club and residential community nestled beneath Pinnacle Peak on 640 acres in north Scottsdale.
The championship course was designed by Tom Fazio, who has gained an international reputation for his golf-course designs. The course, selected for its shot values, resistance to scoring, design variety, memorability and aesthetics, opened Thanksgiving weekend 1995.
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