Phoenix developer bids $7.2 million for 23 acres of State Trust Land
Sep 25, 2018, 6:52 AM | Updated: 6:53 am
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PHOENIX – A Phoenix real estate developer won the bidding for about 23 acres of Arizona State Trust Land in the northwest Valley with a $7.2 million offer, an official said.
State Land Commissioner Lisa Atkins said the Pederson Group’s bid Monday was $2.58 million more than the subject parcel’s appraised value of $4.62 million.
The property is at 35th Avenue an Happy Valley Road in Phoenix, near Sandra Day O’Connor High School.
Proceeds from the auction will be invested to benefit the Arizona Pioneers’ Home in Prescott and adult and juvenile correctional institutions around the state.
The $7.2 million will be deposited into accounts of the Permanent Land Endowment Trust Fund at the Office of the Arizona State Treasurer.
The State Land Department manages more than 9.2 million acres of Trust Land.
It was the second multimillion-dollar sale of the month for the state agency. About three weeks ago, Fortune 500 company Nationwide Mutual Insurance put up $83 million to buy more than 100 acres in Scottsdale.
The company planned to a build a mixed-use development near Loop 101 and Hayden Road.
The Associated Press contributed to this report.
