The largest property sale in the history of the Arizona Department of Transportation has occurred. The land sits on the north side of Interstate 10 in Phoenix, and it was sold for $28.7 million.
The 21 acres are located near the Phoenix Sky Harbor International Airport and include quite a few buildings. A developer in Philadelphia, Exeter 4425-4535 East Elwood LLC, purchased the property. Before the transaction, several businesses had leased the property. Before it was purchased, ADOT advertised the section of land and held several tours with prospective buyers. Eight bidders participated in the auction that eventually determined the fate of the large parcel.
The proceeds from the land will be used to fund the widening of Interstate 10 between Loop 202 and the I-17 Interchange. Construction will begin in 2021.
A manager from ADOT commented on the transaction. Michael Craig says, “Our engineers determined how much of the property would be needed for I-10 widening. The timing was right to sell the excess portion and put those dollars into the upcoming project’s budget.”
Exeter, the new owners, have agreed to remove any part of the buildings that overlap with the land needed for the improvements on I-10.