The Arizona Business Gazette reported today that Aspen Highlands Holdings of Scottsdale sold 45.47 acres of land at the southeast corner of Val Vista and Williams Field roads in Gilbert, AZ to the Vazza Co. of Canton, Mass. for $27.72 million.
That's a tidy $609,633 per acre. (Perhaps the gentleman who called a couple of days ago looking for a home on 2 acres in Gilbert for $300K will read this and believe me now)
The Vazza Company plans to develop the property into a mix of office and retail space they are calling San Tan Square at Spectrum. CoStar Group reports the development will total more than 386,000 square feet, including about 202,000 square feet of retail space and 184,000 square feet to office space.
As you can see on the map below, it's a prime Gilbert real estate location, with access to the recently completed portion of the Loop 202 Santan Freeway. The land sale is marked (roughly ) in the photo by the green arrrow. That wide open farm land directly to the east is the site of the Santan Village development — which includes the 1.2 million square foot Santan Mall – the largest regional shopping mall currently under development in the state of Arizona. (more detailed map)
Our little Gilbert is growing up quickly…
[tags]Gilbert real estate, Santan Mall, Gilbert development[/tags]