Land Company Continues Divesting of Its Portfolio With $1.3 Mil Sale

PHOENIX-A Phoenix-based land speculator continues to sell off its portfolio, with a $1.3 million sale of a parcel in Gilbert. Sharp drop in stock price caused company to move into the commercial lending business.

By D.J. Burrough | Updated on January 05, 2001

PHOENIX-A local land investor continues to unload its land and mineral portfolio and move into commercial lending.

Phoenix-based NZ Corporation (AMEX:NZ), formerly known at the New Mexico and Arizona Land Company, sold a 10-acre parcel at the corner of Cooper and Warner in Gilbert for $1.3 million to an unnamed Phoenix-based private investor who paid cash. The land is zoned for commercial development.

Last April, NZ Corporation sold two other parcels at the same corner. This sale represents the last remaining parcel that the company owned at the corner.

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