One of the most important real estate developments in Gilbert recently agreed to house the office of an Arizona-based health company and, in essence, start construction on the project.
Nationwide Realty Investors announced on July 17 that Isagenix International, LLC, — a company that sells diet, skin care and other health products — will lease a three-story, single-tenant building at the Rivulon development. Located off the Santan Freeway portion of Loop 202 at the corner of Gilbert Road, Rivulon is a 3.1 million-square-foot plot of land expected to host a wide array of hotels, restaurants and businesses over the course of the next two decades.
Although the land is currently unoccupied, Brian Ellis, Nationwide Realty Investors president and chief operating officer, said the construction of Isagenix’s 150,000-square-foot building is essentially, “the catalyst to kickoff the Rivulon project.”
“That’s really exciting for the town to have phase one starting,” said Gilbert Economic Development Director Dan Henderson.
Nationwide plans to begin construction on the Isagenix building later this year and anticipates it will open in fall 2015.
Ellis said the agreement with Isagenix shows how much the real estate market has rebounded in recent years and solidifies the reality of the Columbus, Ohio-based realty company’s long-term plans.
“We’re now going to be able to demonstrate the quality and the vision of Rivulon,” he said.
It also allows the company to get a foothold in an area Ellis pointed out is one of the fastest growing in terms of population in the Southwest, as well as the 12th-fastest-growing municipality in the country, according to the U.S. Census Bureau. Adding to the benefit of the increasing population — which the demographics indicate is highly educated — is the location by Loop 202 that Ellis said is unparalleled given its proximity to the highway and housing.
The location will also undergo $10 million of infrastructure upgrades that includes the widening of Gilbert Road.
For Gilbert, a completed Rivulon effectively doubles the amount of office space the town already has, something town officials want in order to create a balance between the many housing developments and business. Henderson said in a previous interview that portion of Gilbert is also the “densest area for jobs.”
“It’s been a vision of the town to bring in a high-wage employer,” he said.
The announcement to build a facility for Isagenix, which is relocating from an office in Chandler, was coupled with the completion of a land swap agreement with LA Fitness to build a fitness center adjacent to Isagenix.
Construction on LA Fitness is expected to begin this month, and the anticipated opening date will occur in May 2015.