Marathon Ranch to open next year in the town’s fast-growing southern region

GILBERT, Arizona –  Maracay Homes, a wholly owned company of the TRI Pointe Group (NYSE: TPH), closed on a $4.26 million purchase of 63 lots in Gilbert’s fast-growing southern region ($67,619 per lot).

Jeremy Lovejoy and Brian Stillman of Insight Land and Investments brokered the transaction between Maracay and the seller, Hari C. Puri. Maracay plans to develop the 31.89 acre land parcel into an upscale, gated enclave to be marketed as Marathon Ranch and feature a mix of spacious, all-single-story floor plans ranging from approximately 3,400 to 4,040 square feet.

The homesites are 12,600-square-feet (90×140), and will offer homes priced in the mid to upper $400,000’s, said Maracay Homes Vice President of Land Acquisitions and Development Tom Lemon. Maracay will complete land development and open for sales in the first part of 2018.

“When we unveil Marathon Ranch to the public early next year, it will join Maracay’s The Preserve at Adora Trails as our second neighborhood to open in south Gilbert in less than a year,” said Lemon. “And, that isn’t by accident. This area, in particular, is one of the fastest-growing regions of the Valley, not only for its close proximity to top-rated schools and major employment hubs, but also because it offers convenient access to Phoenix’s big-city amenities while maintaining its rural charm. Homebuyers will enjoy views to San Tan Mountain and access to regional trails and outdoor recreation opportunities.”

Marathon Ranch is situated one-quarter mile south of Riggs Road on 156th Street, just minutes from Gilbert’s iconic downtown area and thriving entertainment district with shopping, dining and other amenities via the Santan Freeway and nearby major expressways.

PHOENIX, AZ – LGE Design Build has completed construction of Lo-Lo’s Chicken & Waffles at Heritage Marketplace, a family friendly, pedestrian-oriented, mixed-use development in downtown Gilbert.

Lo-Lo’s Chicken & Waffles, 366 N. Gilbert Road, is now open. The 4,300-square-foot restaurant offers a full bar with several large television screens and outdoor seating that draws energy from the street.

“Business has been wonderful. The Town of Gilbert has been amazing and very receptive to Lo-Lo’s,” said Rasheedah White, one of the owners and founders of Lo-Lo Chicken & Waffles’ along with husband Larry White. “We will continue to strive to provide fresh, home cooked food and be a good business for Gilbert.”

The Heritage Marketplace location is the third Lo-Lo’s that LGE has constructed in the Valley. Lo-Lo’s also has a location at Phoenix Sky Harbor International Airport’s Terminal 4.

“The Gilbert location of Lo-Lo’s Chicken & Waffles is absolutely beautiful. It is consistent with Lo-Lo’s Chicken & Waffles’ unique brand, blends in well with the Gilbert Heritage District’s history and charm and enhances the excitement on the street with outdoor tables,” said David Sellers, president of LGE Design Build.

Heritage Marketplace, an integral element of Gilbert’s Heritage District, is located on the northwest corner of Gilbert Road and Vaughn Avenue. At build out, Heritage Marketplace will include more than 70,000 square feet of retail, office and restaurant space. Zinburger, Pomo, Barrio Queen and Petersen’s Old-Fashioned Ice Cream also are located at Heritage Marketplace.

Phoenix, Ariz. – CBRE has negotiated the sale of a 6,656-square-foot flex industrial property within Elliot Commons Business Center in Gilbert, Ariz. The asset, located at 170 S. Williams Dillard Dr. in suites 115 and 116, commanded a sale price of $780,000 ($115 PSF)

The property is currently configured as a 6,656-square-foot flex industrial condominium unit with approximately 65 percent finished office and the remainder is warehouse. Built in 2003, the Elliot Commons Business Center benefits from easy access to three major freeway systems within 3-4 miles, allowing the tenant to effectively service Metro Phoenix.

The 6,656-square-foot property is currently leased to Trucom, a unique communications service provider for internet, data and telephone through a state-of-the-art synchronous optical network (SONET) technology. This location serves as the company’s operations base for Metro Phoenix.

A collaborative team of commercial real estate professionals, including Mike Parker, Evan Koplan, Steve Fernandez and Andrew Fosberg, with CBRE’s Phoenix office represented the seller, Bluewire LLC of Chandler, Ariz. The buyer, Foresight Group, LLC of Scottsdale Ariz., was represented by GPE Commercial’s Bret Isbell.

“The buyer found this to be an attractive investment opportunity given Trucom has seven years remaining on its lease,” said CBRE’s Mike Parker. “The 1031 Exchange Buyer found the lease term and asset quality of value to complete the upleg of their exchange.”

Parker, Koplan, Fernandez and Fosberg can be contacted at (602) 735-5555 for additional information.