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FLORENCE, ARIZ. – Bull Realty has negotiated the sale of 4,508 acres of raw land at Merrill Ranch, an undeveloped 5,690-acre tract near Phoenix, to SWVP – GTIS MR LLC. Coupled with the first sale of 1,182 acres in December, the total value of the Merrill Ranch property exceeded $36 million. Atlanta-based Bull Realty’s Rob Whitmire and John DeYonker represented the seller, Merrill Ranch Properties LLC, in the transaction, and Jeremy McArthur of McArthur Land Co. represented the buyer. A group of more than 60 sub-participant banks and the FDIC, led by the People’s Bank of Winder, foreclosed on the property in February 2009.