The Nashville-based Vanguard, which operates six hospitals in the Valley under the Abrazo Health Care name, is planning to develop a major medical campus on the acreage, says Raymond Fontaine, a director in Phoenix for Marcus & Millichap Real Estate Investment Brokerage Co. The sellers are Mesa Arizona Real Estate Investments and Richard Douglas Farquhar of Denver.

Industry experts speculate the land, north of Baseline and Recker roads, could support up to 1.3 million sf of office and medical space development. "Vanguard has not completed their site plan yet," Fontaine says, adding the streets, sewers and landscaping for the park have been installed.

Fontaine tells GlobeSt.com that the selling partnership planned to divest of the acreage in parcels or single lots rather than one large sale. However, the plan changed when Vanguard Health came in and made an all-cash offer for the whole property, he says.