PHOENIX-A local developer has purchased a parcel in the fast-growing community of Gilbert and plans to build a retail center on it.
Legacy Investments LLC, based in Phoenix, purchased a 10-acre parcel at the northeast corner of Cooper and Warner Roads in Gilbert for $1.3 million. Gilbert is a suburb of Phoenix, about 15 miles to the southeast of downtown Phoenix.
Legacy Investments plans to eventually build a neighborhood shopping center with retail pads on the site.
Gilbert is one of the fastest growing communities in the Valley and the nation. In 1990 the population in Gilbert was just under 30,000; at the end of last year it hit 113,000. The community is expected to have 150,000 by 2005.
NZ Corp. was the seller of the parcel.
The Phoenix office of CB Richard Ellis, with brokers Dave Newquist and Ron Ault, represented the buyer.
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