Sales of Arizona State Land Surge in 2018, Report Says

Article originally posted on Phoenix Business Journal on January 7, 2019
An artist's rendering shows the entryway for Cavasson, the planned Nationwide headquarters and mixed-use development in Scottsdale. It will be built on a parcel the company bought from the Arizona State Land Department.

An artist’s rendering shows the entryway for Cavasson, the planned Nationwide headquarters and mixed-use development in Scottsdale. It will be built on a parcel the company bought from the Arizona State Land Department.

State land sales topped $330 million during 2018, a huge surge fueled by increased developer interest in Valley projects in moves that also help provide more money for state schools.

Sales through the Arizona State Land Department easily surpassed the $44 million achieved during 2017 and represented about 10 percent of all Valley land sales, according to the Arizona Republic.

Buyers have included everything from homebuilders, such as D.R. Horton, which spent $79 million on a 269-acre parcel in the Desert Ridge area of Phoenix to Nationwide Insurance spending $83 million for a parcel to house a regional headquarters.

The land sales have come as both the housing and office development sectors in the Phoenix region have gathered strength.

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