Los Angeles Angels billionaire owner Artie Moreno recently bought a 21-acre vacant lot in Gilbert for $24.5 million. The sale includes two parcels: a nearly one-acre parcel located at 2590 S. Market St. and a 20-acre parcel located at 2025 E. Williams Field Road. Mall owner Macerich was the seller.
Moreno is tied to Accelerated Development. The Phoenix Business Journal reports the affiliate will be in charge of developing the site.
Up the street from the parcel, work is underway on a $145 million project called the Signature at San Tan Village, which Kensington Development Partners is developing. A proposed 134-key Marriott Springhill Suites would take up 10 of the 20 acres at the Northside at San Tan Village. The retail and restaurant duo is expected to open later this year.
Moreno recently bought a 12-acre office complex adjacent to his Biltmore Estates mansion for $60 million. In November, he acquired the property from DRA Advisors LLC.
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