The city purchased the properties several years ago. It originally intended to build a water-treatment plant on the site, but ended up building the facility elsewhere. Verizon bought the property to construct a cellular switch station.
Verizon companies are the largest providers of wire-line and wireless communications in the US, with 133.8 million access line equivalents and about 29.6 million wireless customers. The company has more than $67 billion in annual revenues and nearly 248,000 employees.
Lance Ross, of Phoenix's Ross Brown Partners Inc. and Kevin Howell of Phoenix's Ironwood Real Estate Advisors Inc. negotiated the sale on behalf of Verizon Wireless. The city used its counsel to broker the transaction.
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