CBRE completed the $19.55 million land sale of 174 acres near Phoenix-Mesa Gateway Airport in Mesa, Ariz.

Jason Hyams and Dave Headstream of CBRE’s Land Services Group represented the seller, Woodlands, Texas-based Eugene DeMuro. The buyer was Signal Butte 24 LLC, formed by W Holdings and Freedom Communities, LLC.

Located at Signal Butte Road and Williams Field Road in Mesa, the site is part of a development called Destination at Gateway. Originally planned for industrial, the land was recently approved and zoned for a mixed-use development and is pre-platted for 709 single-family homes, a for rent housing component and retail. 

The land is located south of Eastmark and Cadence, two premier master-planned communities in the East Valley. Today, nearly one-third of Phoenix metro residents live in the East Valley, and population growth in the East Valley is projected to more than double the U.S. annual rate of growth (0.8 percent) over the next five years, according to CBRE Research.

“The location of this site coupled with the planned expansion of State Route 24 in the area, make this a premier spot for a mixed-use development comprised of retail and housing,” said CBRE’s Hyams. “After a several year process working with the buyer, seller and other parties to approve this use, we are thrilled to see this transaction come to a close.”