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Partnership Adds 1,127 Acres To Coffers

LAKE PLEASANT, AZ-A Phoenix-area joint venture pays $10.1 million to acquire the land, adding it to the 1,244 acres bought in 2006.

By Amy Wolff Sorter | Updated on June 09, 2008

LAKE PLEASANT, AZ-An area partnership has shelled out $10.1 million to buy 1,127 acres. The property will eventually become part of a 4,892-acre mixed-use development dubbed Lake Pleasant 5000.

The buy is the second of three land acquisitions by partners Harvard Investments Inc. of Scottsdale, Cardon Cos. of Mesa and private investor Mike Cowley from Phoenix. The land is just north of the intersection of 211th Avenue and State Highway 74. During 2006, the joint venture acquired 1,244 acres, and has an escalating option with Scottsdale seller Rex Maughan to acquire the remaining land over the next three years.

Christopher J. Cacheris, vice president with Harvard Investments tells GlobeSt.com that any development on the land is three-to-five years away at best. Right now, he notes, the goal is to finish obtaining the remaining 2,521 acres and prepare for the growth that is headed west.

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