Grocer sells back lot in Gilbert for Aldi Commons apartments

German grocer Aldi has sold part of a lot it owns in Gilbert to an apartment developer, according to commercial real estate website vizzda.com.

An entity tracing to Wood Partners acquired the property near Baseline and Country Club on  March 18 for $3.45 million, or $16.30 per square foot, from Aldi with an unspecified amount of new debt per affidavit.

Aldi is planning to build one of its discount supermarket chain stores  on the front of the lot while the Aldi Commons is built on the back end.

The sold land is 4.8591 acres, or 211,662 square feet, of vacant land zoned multifamily/high density by the town of Gilbert.

The proposed project is for a 257-unit multifamily residential unit in one four-story building on 4.91 acres for a ratio of 52.34 dwellings per unit per acre.

The gross building area of 294,750 SFexcludes garage). Lot coverage of 49.9% (106,710 square feet) and landscape coverage of 41.8% (89,382 square feet).

Amenities will include a courtyard with pool and clubhouse.

The project will have 482 parking spaces in one wrapped garage, and seven surface spaces, for a total of 489 parking spaces (1.9 per unit).

The unit mix: 151 one bedroom (59%), 102 two bedrooms (39%), and four with three bedrooms (2%).