“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.
WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.
we are at on the a rise of the cycle in Commercial Real Estate. so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix. The prices on deals I may get you will not be around forever.
WAITING TO SELL YOUR LAND ? TIMES CHANGE / IT’S TIME
We barely could give land away the last few years, but times are changing. Even in those meager years, I sold more land across the state than most other brokers. Before the real estate crash I was a land specialist in Arizona with millions of dollars of transactions, but then I had to change and also sell other commercial investment properties, which was fun, but I am a Commercial Landspecialist in Arizonal, a Commercial Land Specialist in Phoenix and love to sell land, one acre to thousands of acres.
If you have any questions about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me 520-975-5207 (cell) 602-778-5110 (office direct).
Thank You
Walter
Walter Unger CCIM
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Kasten Long Commercial
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