The acreage is located at the southeast corner of the plannedLoop 202 and Hawes Road in Queen Creek, a suburb that is about 30miles southeast of downtown Phoenix. The investor plans to hold theproperty for future development. Grubb & Ellis Co.'s Phoenixbrokers Brent Moser and Megan Devney represented the Arizona-basedseller, Van Rijn Dairy, in sale negotiations.

While Queen Creek now is a small suburb of just 4,000 residents,it is poised to grow exponentially in the next decade. It'sadjacent to the Williams Gateway Airport, a former US Air Forcebase, decommissioned more than eight years ago, and is nowattempting to become a regional airport with major commercialflights. The first terminal opened earlier this year although nomajor carriers yet fly into the airport.

The parcel also is near the General Motors Proving Grounds, a5,000-acre testing area for the vehicle manufacturer, which GM saidit will close down in the next year or so and sell the land. GM ismoving its testing to Mexico, which has similar weather and ischeaper to operate.