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TONOPAH, AZ- Las Vegas investor, Acres Realty, has closed the next to the last purchase for a 225-acre land bank. The full package will be in hand within two weeks, taking the all-in investment to $7.2 million.

Acres Realty has just bought 40 acres from James Hamilton of Phoenix. Earlier this year, Acres Realty bought 155 acres from JNC Carefree LLC of Carefree. Brian Rosella, a senior associate for Phoenix-based Grubb & Ellis/BRE Commercial LLC, says the assembly at the intersection of 379th Avenue and Van Buren Street began in November 2005. “He bought this from three different sellers, all private individuals,” Rosella says.

Rosella tells GlobeSt.com that the buyer’s next step is to obtain entitlements, a process that will start in the coming months. Right now, Acres Realty has no major development projects in the planning stage, but intends to hold the land as an investment for two or three years.

“Acres is buying up some key pieces and key corners in this area, focusing on future areas where they know there will be substantial growth,” Rosella says, explaining Tonopah is in the path of growth because its close Buckeye. “They’re expecting about one million people or so to be living in Buckeye by around 2020,” he says. “It’s considered one of the growing municipalities because of the amount of land it has right now and that growth is likely to spill over into Tonopah, a neighboring community.”

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