RACK up one more land deal in southeast Mesa - an announcement yesterday from AZ Big Media over the sale of a parcel sold by Demuro Properties [see history below]
CBRE sells 174 acres in Mesa for $19.55M
CBRE sells 174 acres in Mesa for $19.55M
CBRE completed the $19.55 million land sale of 174 acres near Phoenix-Mesa Gateway Airport in Mesa, Ariz.
Real Estate | 18 hours ago | AZRE
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Blogger Note: There's a lot of history to all these land deals that you can read farther down after the press release. There are excerpts from an article by Mark Flatten that was published back in 2005 . . ."Sam DeMuro bought the Meridian land in 1982 for $3,000 an acre, his son says. The land north of the freeway was acquired a short time later, after a buyer defaulted on a deal that was financed by Sam DeMuro. . . "
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HERE'S THE PRESS RELEASE:
"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.”
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HISTORY
Special Report Part 1: The Speculators
Part I - Land barons have locked up empty fields from Mesa to Florence
www.eastvalleytribune.com/.../article_24d4ed3b-6046-5ff1-a9ca-d03ce8988e98.html