Josh Cameron, with CB Richard Ellis' Phoenix office, tells GlobeSt.com that developer of record, Section 25 LLC of Atlanta, has not yet formalized plans to build on the acreage at the junction of Interstate 8 and Route 85 about an hour from Phoenix, but anticipates that the area's growth will make it a lucrative investment for future residential and commercial development. "The buyer feels its definitely in the path of progress," said Cameron, who represented the seller in the $2.99-million deal.
Former owner, Paloma Ranch Investments LLC of Bakersfield, CA has parceled off a portion of the 60,000-acre plot for a power plant and farming, leaving only about 3,000 remaining acres, he added. The land, with its rolling terrain and abundant water supply, was used for cotton and wheat farming, but it became well-known among Hollywood's movie star community for its bird hunting, Cameron said.
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