GOODYEAR, AZ-Business Real Estate Weekly of Arizona reports that Newland Communities has completed its phased buy of the 20,000-acre, master-planned Estrella. The closing piece involved a $69.8 million acquisition of approximately 6,000 acres of land and two commercial properties.

BREW sells the seller of the acreage in Estrella was Sun MP LLC. Included in the transaction were the 11,000-square-foot Elliot Market at 17750 W. Elliot Rd. and an information center building at 10300 S. Estrella Pkwy.

Globest.com reported in 2008 that Newland Communities, based in San Diego, had been buying acreage since 2005, with the intent of taking over – and completing the development of – the entire project, located approximately 17 miles west of Phoenix. Though there are commercial centers in place and residential homes going up, BREW says now that Newland owns most of the land, the next step is to push development, which will include 38,000 single-family homes, 9,000 multifamily units and an additional 1,600 acres devoted to commercial real estate uses. BREW indicates Estrella has a 20-year buildout timeframe.