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269-Acre State Tract Sells for Record $149M

PHOENIX-Desert Ridge Holdings, the only bidder at a state auction, walks away with prime land near Vestar's Desert Ridge Marketplace.

By Alex Finkelstein | Updated on April 18, 2007

(Read more on the multifamily market.)

PHOENIX-Paying a record $149.45 million, Desert Ridge Holdings LLC has acquired a prime 269-acre property near the 110-acre, 1.2-million-sf Desert Ridge Marketplace in northeast Phoenix. The state agency’s website noted the buyer was the only bidder for the property on the southeast corner of 40th Street and Deer Valley Drive.

The acquisition price equates to $555,535 per acre or $12.75 per sf. The appraised value of the property established the minimum bid which was $149.45 million, according to the agency.

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