Los Angeles Angels owner and Arizona billionaire Arte Moreno just made a $24.5 million bet on the Southeast Valley.
📌 Key Takeaways:
- Property Details:
- Moreno, through San Tan Crossing LLC, purchased two parcels totaling 21 acres in Gilbert.
- Located at 2590 S. Market St. and 2025 E. Williams Field Rd., near the bustling SanTan Village area.
- Seller & Development:
- Seller: Macerich Company, owner of Scottsdale Fashion Square.
- Developer: Accelerated Development, represented by Velocity Retail affiliate Ross Brown Partners.
- Plans for the site remain undisclosed.
- Why It Matters:
- The site is surrounded by high-profile developments like Signature at SanTan Village ($145M) and Northside at SanTan Village.
- Anchored by major tenants like Whole Foods, Dick’s House of Sports, and Fogo de Chão.
- Market Context:
- Phoenix is the #3 market nationwide for retail construction.
- Over 2.5 million sq. ft. of retail is under development despite high interest rates and costs.
- Investor Insight:
- Moreno’s move highlights the ongoing growth and investment potential in Gilbert’s retail corridor.
- His track record (including a $60M land buy in Biltmore to block luxury apartments) shows he’s betting big on long-term land value.
🧠Investor Perspective: With Southeast Valley booming and demand surging for well-located retail, Moreno’s play is a bullish signal. Keep your eyes on Williams Field Road—this area is primed for continued appreciation and development synergy.