As more and more growth has moved to the northwest ofmetropolitan Phoenix, interest from developers in the land aroundthe lake has grown.
Phoenix-based Bridge Financial Corp. has purchased a 5,263-acreparcel near Lake Pleasant for $25.85 million. Bridge FinancialCorp., the leading division of publicly traded NZ Corp. The companyconsiders this a "strategic acquisition" and is planning to find ajoint-venture partner to develop the parcel in the near future,says Joe Joseph, treasurer for NZ Corp. The land purchased byBridge Financial is bordered by Arizona State Highway 74, DysartRoad, the Carefree Highway and Sarival Avenue.
Earlier this year, active-adult builder Del Webb paid $28.6million for an interest in a 2,100-acre plot north of Sun CityWest, just south of Lake Pleasant.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
