Lennar buys 140 acres of State Trust Land for $22.575M

Real Estate | 4 Dec |

Lennar Arizona Inc. successfully bid $22.575 million today for a 140-acre parcel of State Trust Land south of the southwest corner of Dove Valley Road and Paloma Parkway in Phoenix, Arizona State Land Commissioner Lisa A. Atkins said.

Lennar, of Gilbert, made the successful bid for the parcel at an auction held at the Arizona State Land Department in Phoenix. The subject parcel was appraised at $22.575 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. 

“The sale of this parcel, located in the growing north Valley, is in accord with the Arizona State Land Department’s mission to manage the Land Trust’s assets for the benefit of its Beneficiaries,” Commissioner Atkins said. “Today’s auction results are another win for our K-12 public schools as well as for Arizona’s powerful economy.” 

Two more auctions of State Trust Land, one for a 6-acre parcel in Gila Bend and another for a 40-acre parcel in Mesa, will be held on Dec. 5 and Dec. 6, respectively. 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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