Deer Valley land sparks bidding war, sells for $24.7M after previous auction failures

Article originally posted on Phoenix Business Journal on September 25, 2025

A once-unwanted 39.37 acre plot in Deer Valley failed to sell at auction last year. On Sept. 22, it spurred a bidding war and went for almost $6 million above the minimum at an Arizona State Land Department auction.

Chicago-based Conor Commercial Real Estate ultimately acquired the land on the southwest corner of Deer Valley Road and 7th Street for $24.715 million. Joined by investors at Arizona-based Globe Corporation, the team outlasted four other bidders who drove the price up from its initial appraisal of $18.915 million.

Sven Tustin, Conor Commercial executive vice president and paddle bearer during the auction, said the bidding process was tougher than expected for the plot they plan to build an industrial park on.

“We were really hopeful to be the only bidder,” he said. “But, as you saw, it was a lively auction with a lot of participants.”

Tustin said there is potential in Deer Valley’s submarket, pointing to low vacancy rates and the 20-minute drive to the campus of Taiwan Semiconductor Manufacturing Co. — whose contractors his company will target with its offices. It’s also a more favorable real estate market for capital investors, he said.

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