Cushman & Wakefield completed a 13.7-acre sale at SanTan Phase III, located south of the southeast corner of SanTan Village Parkway and Ray Road in Gilbert, Ariz. SanTan Development Group, Inc., an entity formed by Mesa-based LeSueur Investments, purchased the property from Cisterra Santan Village Phase III, LLC, a company formed by San Diego-based Cisterra Development, for $9.4 million.
Brent Moser, Mike Sutton and Brooks Griffith with Cushman & Wakefield’s land group represented Cisterra Development in the transaction.
The 13.7-acre site, within SanTan Phase III, is permit ready with approved building plans. SanTan Development Group, Inc. plans to re-assess the Class A apartment project, which is in a location becoming a high-growth restaurant and entertainment pocket.
“Property is fully improved with numerous walkable amenities, making it a unique suburban development opportunity,” said Moser.
In the second quarter of 2018, multifamily development continued to grow in the Metro Phoenix market with 9,646 units completed across 45 properties, year-to-date according to Cushman & Wakefield research. The Mesa/Gilbert submarket currently has 1,091 units under construction and another 2,675 units planned.