August 20th, 2014
Eric Mungenast, Bloomberg Businessweek
Although it only accounts for approximately one percent of the total size, Nationwide’s recent purchase of a plot of land in Gilbert has completed all of the acreage it will have for its Rivulon project.
Nationwide Realty, which is based out of Columbus, Ohio, announced on Monday it purchased a 2.9-acre parcel of land from ExxonMobil to add to its 250-acre project located along Gilbert Road bordered by the Santan Freeway section of Loop 202 and Pecos Road.
“We owned everything along that stretch with the exception of that corner,” said Tina Guegold, Nationwide’s vice president of marketing.
Once fully completed, the Rivulon development will encompass retail stores, restaurants, a hotel and office space. The inclusion of the latter is expected to more than double the amount of office space available in Gilbert.
Besides completing the land accumulation, Guegold said the location is also quite attractive given its visibility from the highway. She emphasized Nationwide wouldn’t build up that one part of the project for a certain business, but said the location could work well for retail purposes.
“That certainly gives us a bit of flexibility to fully utilize that area,” she said.
In a statement, Gilbert Town Manager Patrick Banger said the town is “thrilled” with Nationwide’s purchase.