Mesa land auctioned off for $30.2 million, It only took about a minute to sell









“Facts are stubborn things, but statistics are more pliable.”
-Mark Twain

Oct 17, 2013, 12:58pm MST UPDATED: Oct 17, 2013, 2:29pm MST Kristena Hansen Reporter-Phoenix Business Journal

Reporter Kristena Hansen was at the Arizona State Land Department Oct. 17 as a Mesa parcel of land was auctioned off for more than $30 million. It only took about a minute to sell, and you can view the quick auction in this video.

The Arizona State Land Department auctioned off a large block of state land in east Mesa this morning to the highest bid of $30.2 million, only $200,000 more than the minimum bid allowed.

The auction itself was swift and rather anticlimactic as only two of the roughly 45 people in attendance actually participated in the bidding, which took place at the Land Department’s office in Phoenix.

The winning bidder was Jerry Ivy, who told me he plans to partner with a home builder to erect 600 to 700 homes, apartments and some commercial development at the 193.4-acre site. Ivy is no stranger to Valley real estate. One of the most recent examples was his Jerry Ivy Trust’s $6.8 million purchase in December of a roughly 127,000-square-foot industrial building within the Freeport Center near 53rd Avenue and Jefferson Street in southwest Phoenix.

The state land he acquired today is located just north of the former GM Proving Grounds — now DMB Associates Inc.’s Eastmark master-planned community — at the northeast corner of Signal Butte and Guadalupe roads. It is mostly surrounded by subdivisions, a few K-12 schools and located only a few miles away from Phoenix-Mesa Gateway Airport.

Ivy’s interest in the land was simple: “I think there’s an opportunity to make a profit,” he told me following the auction.

State Land Commissioner Vanessa Hickman said in opening remarks that this was the largest residential auction in recent history and “from our perspective an indicator of continued recovery in the market.”

Deputy State Land Commissioner James Adams told me that despite the size of the crowd, only five were registered bidders, and two of which actually brought checks for the required 25 percent down-payment, or $7.5 million.

Adams said the agency has several more auctions coming up before year-end, including a Nov. 19 auction for 2,365 acres in north Scottsdale at a minimum bid of $21.3 million and another piece of land near Desert Ridge Marketplace going to auction in December.

Kristena Hansen covers residential and commercial real estate.





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Walter Unger CCIM, CCSS, CCLS

I am a successful Commercial Investment Real Estate Broker in Arizona now for 15 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.





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