US: Indicap, Colmena Group and Langley Properties have completed the purchase of 311 acres of land at the north-west corner of Power and Warner roads in Gilbert, Arizona.
The site was sold for $107.5 million in an all-cash transaction. the seller was the seller, The Dale C. Morrison Trust.
The buyers plan to develop The Ranch, a billion-dollar mixed-use project on the site. With the land acquisition complete, the project will move to the site planning and design phase, with construction work scheduled to start in Q4 2024.
The project will include:
• The Ranch — 221 acres of light industrial space with the potential of 3 million square feet of mid-bay and cross-dock industrial facilities
• Shops at the Ranch — 34 acres of general commercial space, including restaurants, quick-service restaurants, storage and convenience stores, as well as office, medical and retail space.
• Residences at the Ranch — 39 acres of multifamily and mixed-use space and 16 acres of green space.
• $20 million of off-site improvements and approximately two miles of frontage.
Jason Hyams of Insight Land and Investments represented the buyer. Danny Perkinson and Scott Perkinson of Perk Prop Real Estate represented the seller, The Dale C. Morrison Trust, in the deal.
