The company purchased 19.69 acres for close to $1.3 million in an all-cash deal that will be the third project in Glendale the firm has constructed within the last three years. Brent Moser, with Grubb & Ellis, told GlobeSt.com that the firm was interested in the parcel because of its proximity to the site of the new Arizona Cardinals stadium, scheduled to be located in the same area.
"Ruiz likes that area given all the activity Glendale has coming to it with the stadium and an investment in their downtown core," says Moser, who represented the buyer in the transaction.
The acreage was sold by 59th Avenue LLC. The parcel was on the market about 18 months before Ruiz Engineering made its offer, Moser says.
Although much of its construction efforts were previously based in Tucson, Moser says the company has recently been focusing on the metropolitan area and plans to build additional apartment complexes in Mesa and Chandler.
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