290-acre site for planned residential community sells in San Tan Valley

The development site is planned for Skyline Estates, a residential development of more than 1,000 lots. It is at Skyline Drive and Quail Run Lane in Pinal County. (Submitted graphic)

AREAD Management Inc., a residential developer, and Varde Partners, a private investment company, have purchased a 290-acre development site in San Tan Valley for $8.7 million.

The seller was Skyline and Quail LLC. Kidder Mathews land broker Brian Rosella represented the seller in the transaction. 

The development site is planned for Skyline Estates, a residential development of more than 1,000 lots. It is at Skyline Drive and Quail Run Lane in Pinal County.  

“There have been very few large land transactions within the Johnson Utilities service area lately, but my clients feel confident in their ability to work with the utility provider to create a workable solution in the near term,” Mr. Rosella said in the release. 

Housing development in the Southeast Valley of Phoenix continues to spill into Pinal County and builders and developers are searching for land to feed the housing demand, according to the release.

“The sale of single-family homes in the Southeast Valley has been on fire since spring and developers are clamoring to find the next area to build,” Mr. Rosella said in the release.

Kidder Mathews is the an independently owned commercial real estate firm with 800 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada and Arizona.

Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. Go to kidder.com. 

The Queen Creek Independent publishes a daily newsletter and website. A print edition is mailed each month to 24,000 homes.

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