Cassidy Turley, a leading commercial real estate services provider in the U.S., has announced the sale of ±352 acres on the southwest corner of El Mirage and Northern Avenue in Maricopa County to Marbella Ranch Limited Partnership. The Scottsdale-based homebuilder purchased the property for $11.7 million from El Paso Natural Gas Company, LLC, an affiliate of Kinder Morgan.
Cassidy Turley Executive Managing Director Brent Moser, Senior Vice President Gary Anderson, Vice President Mike Sutton and Associate Brooks Griffith negotiated the transaction.
In June of this year, Marbella Homes announced its plans for future residential development of ±250 acres of the site, ±40 acres for the Northern Parkway right of way and the balance of the property for future commercial development.
The land is adjacent to the second phase of the Northern Parkway, from Dysart to 111th Avenue, which is planned to be under construction in 2015, the same timeframe that Marbella plans for pre-plat of the community’s first phase. The site is three miles from the Glendale Loop 101 Entertainment District, which includes the University of Phoenix Stadium, home to the Arizona Cardinals, and Gila River Arena, home to the Arizona Coyotes.