The siblings, all principals in the McDermott Family Trust, sold the prime parcel on Happy Valley Road to La Pour Partners Inc. of Las Vegas in a deal that almost didn't happen. "There were several offers before that never got anywhere," Bob Deininger, with Johnson & Associates in Scottsdale tells GlobeSt.com. "We just had to get them all on the same page for this to happen."

The land, once just sprawling desert about 20 miles northwest of Central Phoenix, is now part of the rapidly growing suburbs near Interstate 17 and 19th Avenue, a major business corridor in the region. Buyer La Pour Partners Inc., who was represented in the transaction by Insignia/ESG, have no firm plans to develop the site, but is eyeing several build-to-suit opportunities for industrial, office and commercial uses, Deininger said.

The parcel, located on the southwest corner of Happy Valley Road and 19th Avenue, is in the midst of one of the fastest-growing areas of the city with an expected population boom of between 50,000 and 100,000 residents within the next 10 years. The area also is home to the650-acre USAA Insurance Campus, which is expected to eventually employ 15,000 people. "There's a lot happening there right now," said Deininger, who represented the sellers in the deal. "It brings a lot of synergy to that intersection.