**MLB Owner Artie Moreno Expands Real Estate Holdings in Phoenix Area**
Los Angeles Angels billionaire owner Artie Moreno has expanded his real estate portfolio with the recent $24.5 million purchase of a 21-acre vacant lot in Gilbert, Arizona. The acquisition includes two parcels: a nearly one-acre site at 2590 S. Market St. and a 20-acre site at 2025 E. Williams Field Road. Retail REIT Macerich was the seller.
Moreno is affiliated with Accelerated Development, the entity that will be in charge of developing the Gilbert property, according to reports.
The newly acquired land is located near an active development area in Gilbert. Just up the street, construction is underway on the Signature at SanTan Village, a $145 million mixed-use project by Kensington Development Partners. The project includes a proposed 134-room Marriott Springhill Suites hotel, which will occupy 10 of the 20 acres at the Northside at SanTan Village. The accompanying retail and restaurant components are expected to open later this year.
This is not Moreno’s only recent investment in the Phoenix area. In November, he purchased a 12-acre office complex adjacent to his Biltmore Estates residence for $60 million. That property was acquired from DRA Advisors LLC.
Moreno continues to expand his footprint in the region, signaling increased interest and investment in Phoenix’s growing real estate market.
