Phoenix-based retail brokerage specialist Western Retail Advisors has announced the completion of a 20.45-acre, $14,433,000 land acquisition in San Tan Valley, Arizona, purchased for the development of a 318-unit apartment project.
Jake McClaughry and Brian Gausden of Western Retail Advisors represented the property buyer, Z Modular, a division of Zekelman Industries. Matt Rinzler of Insight Land and Investments represented the property seller, Diversified Partners.
“We were pleased to represent such a strong buyer, in a transaction that will bring much-needed housing to the booming San Tan Valley market,” said McClaughry “This is a prime example of the right product at the right time in the right place.”
The San Tan Valley land site sits at the southeast corner of Gantzel Road and El Parque Lane. It is surrounded by single-family housing and is walkable to major national retailers and restaurants including Safeway, Walgreens, McDonalds, Ace Hardware, Brakes Plus, LA Fitness and Salad and Go. It is also situated just south of the planned $5.5 billion LG Energy Solutions battery manufacturing complex.
Z Modular plans to self-develop the San Tan Valley community, which will feature its steel-framed, garden-style FLATZ™ apartment design. The project will be built using the company’s offsite manufacturing and on-site general contracting capabilities. Units will be manufactured at its Chandler factory and then transported to the San Tan Valley location for on-site completion.
Base4 and STG are the project architects.
Western Retail Advisors (WRA) is a full-service commercial real estate brokerage firm specializing in the retail market. Based in Arizona and California, the firm provides master broker services, tenant representation, landlord representation and investment sales, combining decades of retail experience with up-to-the-minute market intelligence to help clients analyze and predict market trends, identify favorable locations and manage successful transactions. With local, regional and national market experience, WRA serves top retailers and Fortune 500 clients in more than 30 states nationwide.
