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Updated Dec 31, 2013 - 1:06 pm

Mesa to gain $135M in land deal with investment group

PHOENIX — Mesa has announced the sale of about 11,400 acres of land in Pinal County.

Officials said the city will sell the land to real estate investment company
Pinal Land Holdings LLC, in one of the largest land deals in the city’s history.

The three-phase sale agreement could net the East Valley city up to $135 million.

City officials said the property is comprised of 88 parcels within the city
limits of Coolidge and Pinal County.

Mesa Mayor Scott Smith said part of the sale and lease proceeds will help pay
for economic development projects such as the Chicago Cubs’ new training complex
and higher-education initiatives.

Mesa bought the land for about $29 million in 1985 to create a water farm, but
the city no longer needs it.

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