Chandler, Arizona -- 8.8 Acres at the southeast corner of Gilbert & Riggs Roads sold this past week for $2.95 million ($7.70 PSF), which was above the original asking price. Judi Butterworth and Larry Kush of ORION Investment Real Estate represented the Sellers, William Dinneen and Michael Brown. The Buyer was Steve Surgent of TruVista Development.
The site sold subject to zoning for single-family homes. Wendy Riddell with Berry Riddell Law of Scottsdale performed the role of zoning attorney in this case.
The site is located in a beautiful trade area that has several golf course communities and higher-end housing developments under construction along Riggs Road for miles to the east. The million dollar homes of Circle G Ranch Chandler are just west of the NWC. A busy Albertsons is on the SWC with Clarendale Resort-Style Senior Living Community under construction on the NWC. A huge self-storage facility wraps the NEC land, which will be marketed, in the near future, for pads and shop buildings. Gilbert Road is a main North-South arterial, and the only one that connects to State Route 87 to the south. Riggs Road offers easy access to Sun Lakes to the west and Queen Creek and San Tan Valley to the east. There are several grocery-anchored and other retail buildings along Riggs Road.
Judi Butterworth commented on the transaction, “It was a pleasure assisting long-time clients in selling this premier property. The use change corresponds to many recent transactions offering additional housing for Maricopa County.” Butterworth has recently sold several commercial parcels that will provide mixed-use development opportunities. Kush has sold numerous land parcels for residential uses throughout the market.