Newmark Knight Frank (NKF) is pleased to announce the sale of an 8.6-acre parcel of prime developable land at the southwest corner of Willis and Val Vista roads in Gilbert. ViaWest Group, dba VWP Val Vista Land, LP, sold the parcel for $3,755,200 to Dallas-based developer McFarlin, dba The Aspens at Mariposa Point, LP, a Texan limited partnership. NKF’s Senior Managing Directors Chris Krewson, Mike Garlick and Mike McQuaid of the Phoenix office represented the seller in the transaction; Dave Slaughter from DL Slaughter represented the buyer.
“Located across the street from Mercy Gilbert Medical Center in Gilbert, this site is a portion of a larger 18-acre parcel owned by ViaWest,” explained Garlick. “It’s highly advantageous for both residents and family members to have the convenience of immediate access, adjacency to a hospital and affiliated healthcare partners.” ViaWest Group acquired the land from Duke Realty in January 2015 in a $3.729 million cash transaction also handled by NKF’s Chris Krewson, Mike Garlick and Mike McQuaid. “ViaWest’s vision is for a mixed-use project incorporating retail, and medical office uses along with senior living/elderly care facilities,” added Garlick.
“Plans for Aspens at Mariposa Point include a 202-unit independent living community, with a prime location at the highly desirable southwest corner of Interstate 202 and South Val Vista Drive, across the street from Mercy Gilbert Hospital,” stated, Steven Schwarz, Founding Partner at ViaWest Group. The Phoenix-based investment manager has sold other parcels at the project including a retail pad to Rinse ‘n Ride Carwash and Mariposa Point of Gilbert, Assisted Living & Memory Care, along with a ground lease of a pad site to Dutch Brothers coffee house. An additional three acres is available for retail uses, with NKF’s Retail team handling the exclusive marketing for the parcel opportunities.
McFarlin Group, a developer and owner within the senior housing industry, has been active in the greater Phoenix region, capitalizing on continued growth in the assisted living market in the area. Following a successful completion of its assisted living development at Mariposa Point of Gilbert, purchased in October 2015, McFarlin Group is planning a fouth senior assisted living facility in the region to augment its other strategically located communities in Surprise and Mesa. McFarlin Group’s related entity, McFarlin Senior Living Investments, LLC, owns, operates and invests in senior assisted living, memory care (Alzheimer’s care) and skilled nursing communities.
NKF Represents ViaWest in Sale of Prime Land Parcel for Senior Housing Development Located across from Gilbert Mercy Hospital
ViaWest Group is a commercial real estate investment, development and services firm with a primary focus on value-add and opportunistic office, industrial and retail properties. Named Arizona Owner/Developer of the Year in 2015 by NAIOP, ViaWest Group was also named a Company to Watch in 2016 by AZBigMedia.