(To read more on the industrial market, click here.)
PHOENIX-A recently formed, Chicago-based joint venture hasentered the market in a dramatic fashion, beating out anotherbidder in a public auction for a 65-year ground lease on 60 acresof industrially zoned land. The Arizona State LandDepartment walked away with $21 million from the offering.
The acreage is located at the intersection of Loop 202 and 40thStreet near Sky Harbor International Airport. According to ArizonaState land commissioner Mark Winkleman, intense bidding drove theland's value from its original $15.64-million appraisal to $21million. "That was quite a nice increase," Winkleman says.
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.
