Outer Ring LLC took the deed to the property from seller Williamsfield Land Partners in an all-cash deal with the intention of selling off some of the acreage for future retail development, Brent Moser of Grubb & Ellis Co.'s land advisory division tells GlobeSt.com. Located at the northeast corner of Ray and Hawes roads within a quarter mile of the proposed Loop 202 near the Williams Gateway Airport and GM Proving Grounds, the 80-acre parcel is in the path of development as it moves farther eastward into the desert, Moser said.

"There really isn't too many pieces of land that can be bought here at speculative prices, which is what this land was," said Moser. He said the planned completion of the Loop 202 freeway in 2006 coupled with $200 million already spent to upgrade the nearby airport should make the parcel "the employment core for the southeast valley."

"The seeds are in place and they are about to blossom," said Moser. "When 2004 or 2005 comes around, I think we'll be exceeding levels of what we saw in the mid-1990s as far as employment growth is concerned."