Vazza Co. to Develop Mixed-Use Project in Gilbert

A joint venture of The Vazza Co. and Bank of America purchased approximately 43 acres at Val Vista Drive and Williams Field in Gilbert, AZ, for $27.7 million, or about $646,500 per acre. The seller was Steve Johnson of Aspen Highlands Holdings LLC.

Vazza Co. plans to develop the vacant land into a mixed-use project known as San Tan Square. The development would total more than 386,000 square feet, including about 202,000 square feet of retail space and 184,000 square feet to office space.

Janet Krolman, Todd Stressenger and John Fowler with Holliday Fenoglio Fowler LP arranged for $102 million in construction financing and preferred equity. National City Bank provided $83.15 million in acquisition and construction financing and Bank of America provided $18.8 million in equity.

John Werstler with CB Richard Ellis in Phoenix represented the seller. Jack Wilson with Grubb & Ellis in Phoenix represented the buyers.

Please reference CoStar Comp #1300710 for more information.