They received their zoning while the land was in escrow, and now they formally have their prize. Indicap, Colmena Group and Langley Properties have officially acquired 311 acres of land at the northwest corner of Power Road and Warner Road in Gilbert. The sales price was $107,500,000 in an all-cash deal.

The land in Gilbert will be used to develop The Ranch, a billion-dollar mixed-use project that will include industrial, retail, office and residential. The project will now move to the site planning and design phase, with a groundbreaking scheduled for the third quarter of 2024.

The plan also calls for more than 16 acres of green space that will consist of trails and landscaping that will be a transition from the Morrison Ranch neighborhood.