A 35-acre development site located at El Mirage Road and Northern Avenue in Maricopa County, Arizona, has been purchased by Marbella Ranch East, LLC, a Scottsdale-based developer, for $4.85 million. Kidder Mathews land broker Brian Rosella represented the buyer in the transaction.
Southwest Rock Products, a sand and gravel company from San Tan Valley, Arizona, was the seller and was represented in the sale by Rob Martensen with Colliers. Marbella Ranch East, LLC is planning to develop up to 312 rental units on the site.
“The residential land market has exploded over the last year, and it has allowed landowners who purchased a property recently to double their value within 12 to 18 months in some cases,” said Rosella.