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Buckeye farmland sold for potential future residential use

Buckeye land.jpg
Posted at 9:20 AM, Aug 26, 2020

More than 112 acres of alfalfa farmland has been purchased in Buckeye for potential residential development.

The buyer, who declined comment, is an entity traced to Ernest Linsenmeyer, who purchased this property in a 1031 tax exchange, selling some property in Laveen as part of the deal, said Brad Kuiper, principal and designated broker at The Land Agency who brokered the deal.

The land was purchased at $26,000 an acre.

"This area was attractive to the buyer because this area continues to grow, and the homebuilders are having continued success in Buckeye," Kuiper said. "The buyer plans to hold the property as an investment, but believes the property has nice development potential being close to existing communities — Terra Vista and Encantada Estates — and utility infrastructure."

Read more from the Phoenix Business Journal.