Arte Moreno buys 21-acre Gilbert lot for $24.5M as development surges in Southeast Valley

Arte Moreno has decided to get in on the action happening in the Southeast Valley by buying a 21-acre vacant lot in Gilbert.

BY JORGE RAMOS/PHOENIX BUSINESS JOURNAL

May 12, 2025, 4:35 AM Updated: 4:00 pm

Follow on Google News

Watch: Mayor Kate Gallego shares details about new $100 billion investment from TSMC | 8 mins

Arte Moreno has decided to get in on the action happening in the Southeast Valley.

Moreno, owner of the Los Angeles Angels and one of Arizona’s billionaires, purchased an approximately 21-acre vacant lot in Gilbert for $24.5 million on April 28, according to Tempe-based real estate database Vizzda LLC. The acquisition includes two parcels: a nearly one-acre parcel located at 2590 S. Market St. and a 20-acre parcel located at 2025 E. Williams Field Road.

San Tan Crossing LLC, an entity tied to Moreno, acquired the property from Macerich Company — a Santa Monica, California-based real estate firm which owns Valley properties such as Scottsdale Fashion Square.

Moreno ranks No. 5 among the 15 Arizona residents who have at least a billion dollars of net worth, per Forbes’ 2025 global list of billionaires. The MLB owner is worth $5 billion and ranks 717th globally.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.