The land will be used to develop The Ranch, a billion-dollar mixed-use project that will include industrial, retail, office and residential. (Rendering courtesy of Ware Malcomb)
311 acres of land in Gilbert sells for $107.5 million
Indicap, Colmena Group and Langley Properties announced today the successful acquisition of the 311+ acres of land at the northwest corner of Power Road and Warner Road in Gilbert, Arizona for $107,500,000 in an all cash transaction, which is believed to be one of the largest private land transactions in Maricopa County in the last year. The land in Gilbert will be used to develop The Ranch, a billion-dollar mixed-use project that will include industrial, retail, office and residential. The project will now move to the site planning and design phase with a groundbreaking scheduled for the third quarter of 2024.
Key players in this acquisition included Jason Hyams of Insight Land and Investments who represented the buyer and Danny & Scott Perkinson of Perk Prop Real Estate representing the sellers, The Dale C. Morrison Trust
"After an extensive two-year escrow process, we're immensely proud to have brought this project to fruition," remarked Todd Ostransky, Vice President of Development for Indicap. "With the land acquisition now complete, our attention shifts decisively to finalizing the design and leasing and the exciting phase of construction ahead."
The Ranch will include multiple product types including industrial, residential, commercial, and retail. The plan also calls for more than 16 acres of green space that will consist of trails and landscaping that will be a transition from the Morrison Ranch neighborhood.
Specifically, the project will include:
- The Ranch – 221 acres of light Industrial with the potential of 3 million square feet of mid-bay and cross dock industrial buildings.
- Shops at the Ranch – General Commercial consisting of 34 acres that may include multiple types of commercial, including restaurants, drive thru (QSR), storage, convenient stores, small office, fitness center, small grocer, dental office, etc.
- Residences at the Ranch – an innovative and vibrant development of residential and commercial uses that will create live-work-play opportunities in the community surrounding Morrison Ranch. The plan calls for +/- 39 acres of multi-family and mixed-use product types. Multi-family will include two- and three-story homes with some ground floor commercial. Additionally, there will be a 16-acre green space that will include trails and landscaping for the community to use.
- $20 million worth of offsite improvements are planned with approximately 2 miles of frontage.
The economic impact of this project is expected to be substantial, with the creation of thousands of jobs during the construction phase and ongoing employment opportunities across various industries upon completion. The development will attract new businesses, bolster the local economy, and serve as a catalyst for future growth in Gilbert and the surrounding region.