The land was purchased from Larry and Linda Bell of Scottsdale. Both parties were represented by Jason Hyams of CB Richard Ellis Inc.'s Phoenix office. Millennium Properties, which is headed up by Eddie Gutzman and Jeff Chain, plans to build a retail and industrial park on the acreage, which borders the northwest quadrant of the Buckeye Municipal Airport. "We expect that this airport will be as important as the Scottsdale airport," Gutzman says.
Gutzman tells GlobeSt.com that he is not sure when the company will begin the project, which has yet to be approved by the city or even designed. "We buy the land now and when the time is right we will develop it," he says. "We're private money so no one isholding a whip to our back."
Over the past 17 months, Millennium Properties has spent $80 million to acquire nearly 3,900 acres in the Phoenix metropolitan area. Gutzman says the firm plans to acquire another $50 million of land over the next 12 months.
"We come from Las Vegas and prices there have become exorbitant…dirt is expensive," Gutzman explains. "We came to Arizona and we're rocking."
Millennium Properties is developing a 2,500-acre, master-planned residential community about a quarter mile from the recently purchased acreage. The community, Cipriani, will have 7,500 residences. The firm also is developing another project in Buckeye, Bennessera, which will consist of 3,800 lots. And in Phoenix, the group recently acquired 212 acres for a mixed-use development.
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