The acreage is located at the southeast corner of the planned Loop 202 and Hawes Road in Queen Creek, a suburb that is about 30 miles southeast of downtown Phoenix. The investor plans to hold the property for future development. Grubb & Ellis Co.'s Phoenix brokers Brent Moser and Megan Devney represented the Arizona-based seller, Van Rijn Dairy, in sale negotiations.

While Queen Creek now is a small suburb of just 4,000 residents, it is poised to grow exponentially in the next decade. It's adjacent to the Williams Gateway Airport, a former US Air Force base, decommissioned more than eight years ago, and is now attempting to become a regional airport with major commercial flights. The first terminal opened earlier this year although no major carriers yet fly into the airport.

The parcel also is near the General Motors Proving Grounds, a 5,000-acre testing area for the vehicle manufacturer, which GM said it will close down in the next year or so and sell the land. GM is moving its testing to Mexico, which has similar weather and is cheaper to operate.