Vestar pays $10.35M for Desert Ridge land after beating out another investor

Phoenix-based retail developer Vestar won an Arizona State Land Department⁠ auction Nov. 5 for about 20 acres near Desert Ridge — but only after exchanging bids with a local real estate investor and an LLC formed a couple of weeks ago.

The parcel up for grabs, located on the southwest corner of Deer Valley Road and North Black Mountain Boulevard, came with a $6,850,000 starting bid. That figure increased to a final price of $10,350,000 by the time the bidding was done.

Other bidders included Andrew Cohn, a principal at Levine Investments – which owns Uptown Plaza – and Boba 168 LLC, which traces to an entity called The Castlefin Group.

Margaret Gregg, who raised the paddle for Boba 168 LLC, lists The Castlefin Group on her LinkedIn⁠ profile, along with a Taiwan-based company called Eagle AI. Those attending the auction alongside Gregg declined to comment for the Phoenix Business Journal.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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