A Scottsdale, Ariz.-based investment company has acquired more than $100 million in distressed debt and REO properties. Sand Capital, a division of Sandor Development Co., said its goal is to acquire $1 billion of distressed assets before the commercial real estate markets stabilize. Jay Stein, president and CEO of Sand Capital, told REO Insider the firm has been acquiring properties for more than two years and now has a presence in about 25 states — investing in all parts of the U.S. except the Northeast.