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Land Speculator Takes 20 Unimproved Acres for $3M

PHOENIX-Twenty acres on the northeast corner of Circle Mountain Drive and the I-17 frontage road trades to a local couple in a 1031 exchange. Darl and Kay Andersen pay $3.1 million for the parcel, which needs to be annexed, zoned and improved with utilities.

By Jennifer D. Duell | Updated on June 21, 2005

PHOENIX-A local couple looking to invest the proceeds of a land sale has paid $3 million for 20 acres on the northeast corner of Circle Mountain Drive and the I-17 frontage road. Darl and Kay Andersen acquired the land from locally based Phoenix North Corridor Development Co.

The Andersons traded out of a 12-acre parcel adjacent to their new property, says Bob Deininger, a principal with Shea Commercial LLC. Deininger teamed with David Roberson to represent Phoenix North Corridor Development in the sale, his 48th land transaction in the North Phoenix area. The Andersons were represented by John Pompay of Trammell Crow Co.’s local office.

According to Deininger, the land parcel is in an area that is planned for commercial retail and office development. It boasts 760 feet of frontage on I-17. The couple has no immediate plans for the site.

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