GOODYEAR, AZ-Business Real Estate Weekly of Arizona reports thatNewland Communities has completed its phased buy of the20,000-acre, master-planned Estrella. The closing piece involved a$69.8 million acquisition of approximately 6,000 acres of land andtwo commercial properties.

BREW sells the seller of the acreage in Estrella was Sun MP LLC.Included in the transaction were the 11,000-square-foot ElliotMarket at 17750 W. Elliot Rd. and an information center building at10300 S. Estrella Pkwy.

Globest.com reported in 2008 that NewlandCommunities, based in San Diego, had been buying acreage since2005, with the intent of taking over – and completing thedevelopment of – the entire project, located approximately 17 mileswest of Phoenix. Though there are commercial centers in place andresidential homes going up, BREW says now that Newland owns most ofthe land, the next step is to push development, which will include38,000 single-family homes, 9,000 multifamily units and anadditional 1,600 acres devoted to commercial real estate uses. BREWindicates Estrella has a 20-year buildout timeframe.