Search
 

1031 Buyer Spends $4M for 44 Acres

CASA GRANDE, AZ-A 1031 exchange buyer from Phoenix makes a bet on land near the intersection of McCartney Road and Interstate 10. The new owner plans to hold onto the acreage until the highest and best use is determined.

By Jennifer D. Duell | Updated on May 20, 2005

CASA GRANDE, AZ-With 1031 exchange money to spend, an investor from Phoenix has dropped $3.9 million for 44 acres near the intersection of McCartney Road and Interstate 10.

The buyer, Harbor Ridge Apartments LLC, acquired the land from Scottsdale-based WSD Group Inc. after it fell out of escrow once before. “The buyer had traded out of an apartment complex in Phoenix and had to find a place to put his proceeds,” says Tim Skeens, principal of Phoenix-based Skeens & Jarnagin LLC.

Skeens tells GlobeSt.com that the land is zoned commercial and “almost anything” can be built on it. “Right now, we’re trying to find the highest and best use for it,” he says. “The new owner hasn’t decided what to do with it yet and hopes to do a joint venture with a developer.” However, the owner hasn’t ruled out the possibility of developing the land without a partner.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.