(Phoenix) Less than one month ago, the Land Department announced record shattering sales revenue for 2005 of $514 Million. Today, the agency began to chase that record with an auction of 32 acres of State Trust Land which sold for more than $1,000,000 an acre. Sonoran Desert Investors, L.L.C., purchased 32 acres of multi-family property in Desert Ridge for $33.45 Million. The property is located at the intersection of the 101 freeway and 56th street in Phoenix.
"One Million Dollars an acre is a great start for 2006," State Land Commissioner Mark Winkleman commented after the auction. "I am hopeful we are on our way to break the 2005 sales record and generate more millions for Arizona Public Education."
Sonoran Desert Investors, whose principal is Gray Development, had strong competition at the auction from Foursite Development, L.L.C. The sale price was bid up 43 times from the opening bid of $28 Million during the half hour auction. In the recent past, Gray Development has acquired other parcels of State Trust Land in Desert Ridge for their multi-family developments.
Commissioner Winkleman confirmed that the Land Department will have several other auctions across the state this year, including several more in Desert Ridge.
"We are working very hard to make 2006 even more successful than last year," Commissioner Winkleman continued. "This is a very exciting time for the Land Department and our education beneficiaries."
The Arizona State Land Commissioner serves as trustee of over 9.3 million acres of Arizona State Trust Land. The proceeds from the sale of Arizona State Trust Land are delivered to the beneficiaries of the Arizona State Trust Land Permanent Trust Fund, primarily Arizona Common Schools, K through 12.