Industry News

Real estate purchase makes history in Arizona

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

A group of home builders and a real estate investment company have teamed up for the largest dollar-volume land transaction in Arizona history, according to reports. Home builders Toll Brothers Inc. and Meritage Homes Corp., along with real estate investment trust Simon Property Group Inc., this week announced the purchase of a 5,485-acre land parcel in northwest Phoenix for $312 million. DaimlerChrysler has reportedly used the land, in Arizona's Maricopa County, as a vehicle endurance testing and development facility. "According to research published by The Arizona Republic, this represents the largest dollar-value land transaction recorded in Arizona history," the home builders reported. The property is bound by 183rd Avenue on the east, 211th Avenue on the west, Dove Valley on the south and Joy Ranch Road on the north. DaimlerChrysler will continue to lease the property for the next few years. "Toll Brothers and Meritage Homes each plan to build a significant number of homes on the...