A significant chunk of Phoenix real estate, about 217 acres of previously designated desert land, found a new owner this past week. A fierce but succinct bidding war occurred on a downtown Phoenix conference room floor, where the Minnesota-based real estate company Mortenson snagged the parcel for $136 million. This land, at one point, was eyed for a Phoenix NHL franchise arena, a dream now shelved with the Arizona Coyotes no longer in the picture.
The competition at the Arizona State Land Auction saw Mortenson and Verde Investments, steered by Carvana's largest shareholder Ernie Garcia II, to progressively outbid each other. Kicking off with an opening bid of $110 million, the two entities escalated their offers in $1 million increments. According to ABC15, the final push came from Mortenson, edging out Verde with a conclusive $136 million bid, just one million over Verde's last attempt.
The land sale attracted over 40 attendees, blending physical presence with virtual participation. As detailed by Phoenix Business Journal, the ten-minute bidding exchange on June 20 signified high local and regional interest. Mortenson's acquisition represents a significant milestone in the development trajectory of this north Phoenix locale.
