Developer wins auction bidding war for Buckeye land Article originally posted on Phoenix Business Journal on February 5, 2026 Dozens of people crowded into a conference room Feb. 4 at the Arizona State Land Department to witness a bidding war over 272 acres in Buckeye. Bidding started at $42,050,000 for the two parcels of land that span north and south of Interstate 10 near a growing shopping hub where more than 1 million square feet is under development. Two representatives with applicant Sunbelt Investment Holdings Inc. sat in the front row, and the auction began at noon with the company’s principal, Luis-Ferdinand Mann, raising his paddle and starting with the minimum bid. But before long, Conley Wolfswinkel, real estate mogul and founder of Tempe-based W Holdings, raised his paddle and announced a $43,050,000 bid. The two went back and forth until the bid reached $62,500,000. At that point, Wolfswinkel got up from his seat and congratulated Sunbelt on the win. The auction win comes four years after the Sunbelt’s vice president, Brooks Griffith, submitted an application with the State Land Department, he told the Phoenix Business Journal. “It’s one of the last significant mixed-use commercial land sites along the I-10 West corridor,” Griffith said. “The property has two miles of I-10 frontage at what we consider the gateway into one of the fastest growing cities in America.” The commercial real estate developer has spearheaded multiple Valley projects, including in Buckeye where the company is behind the Costco-anchored Buckeye Commons. Sunbelt is also developing Buckeye Commons West, a smaller complex across the street that will total around 34,000 square feet, where In-N-Out Burger plans to open a new location. San Diego-based Sunbelt opened a Phoenix office in 2023 at 2555 E. Camelback Rd., in the Esplanade office building. The company said Feb. 4 that its management arm is now headquartered in San Diego, while its development arm is now headquartered in Phoenix. In addition to this newly acquired piece of land in Buckeye, Sunbelt also owns two adjacent land sites on the north and south sides of the property, now totaling about 375 acres of land. This doesn’t include Buckeye Commons and Buckeye Commons West. “We’re going to work hand in hand with the city of Buckeye to deliver a special project in the coming years,” Griffith said. Although Griffith said he cannot share specific details yet, Sunbelt is considering a variety of uses including retail, restaurants, medical and some multifamily. The company’s next step is to work with the city on entitling the land with an anticipated groundbreaking of the first phase in 2029 or 2030. Wolfswinkel to be at all land auctions Sunbelt was pushed hard at the Feb. 4 auction by Conley Wolfswinkel of W Holdings, a prominent real estate investor in the Valley.Wolfswinkel told Phoenix Business Journal after the auction that his interest in the property was “strictly a value play.” “We understand value in the state of Arizona, and that was below value,” he said. Despite being outlasted in the auction by Sunbelt, Wolfswinkel said he was “happy with the day” and noted Find Complete Article Here: https://www.bizjournals.com/phoenix/news/2026/02/04/state-land-auction-buckeye-sunbelt.html?cx_testId=40&cx_testVariant=cx_9&cx_artPos=5#cxrecs_s