FAE Holdings buys 51 acres of State Trust Land for $25.8M

Real Estate | 8 Nov |

FAE Holdings 490296R, LLC, successfully bid $25.8 million for a 51-acre parcel of State Trust Land west of 40th Street and south of Loop 202, Arizona State Land Commissioner Lisa A. Atkins said. 

FAE Holdings, of Salt Lake City, Utah, made the successful bid for the parcel at an auction held Wednesday, Nov. 7, at the Arizona State Land Department in Phoenix. The subject parcel, zoned by the city of Phoenix for Commerce Park/General Commerce Park, was appraised at $14 million, which was the auction’s minimum bid.

The bid amount will be invested in the State’s Permanent Land Endowment Fund at the Office of the Arizona State Treasurer for the benefit of K-12 public education, Commissioner Atkins said.

“It’s getting more difficult to find unimproved parcels of this size in central Phoenix, so today’s successful auction represents a rare opportunity for development,” Commissioner Atkins said. “In addition, it is more good news for Arizona’s vigorous economy and a plus for our state’s K-12 public schools.” 

No bids were received Tuesday, Nov. 6, at a separate auction of five parcels totaling about 30 acres near Tucson Mountain Park southwest of Tucson.

Information on upcoming auctions is available at www.azland.gov/upcoming-auctions.

 K-12 public education is by far the largest of 13 Beneficiaries of Trust land managed by the Arizona State Land Department, whose mission since 1915 is to manage the assets of a multi-generational perpetual trust in alignment with the interests of the Beneficiaries and Arizona’s future.

All uses of the land and resources held in the Trust must benefit the Trust, a­­­­ fact that distinguishes it from the way public land, such as parks or national forests, may be used or managed. While public use of Trust land is not prohibited, it is regulated to ensure protection of the land and its resources and compensation to the Beneficiaries for its use. Today the Arizona State Land Department pro-actively manages more than 9.2 million acres of Trust land, which is 13 percent of the land within the State of Arizona.  

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