A company that is being acquired by a North Carolina-based building materials firm has bought 1,425 acres of land west of Buckeye, where it plans to produce ready-mix concrete and various types of rock products for construction projects.
Hanson Aggregates, a subsidiary of Texas-based Lehigh Hanson Inc., bought the land for $16.5 million, according to real estate database Vizzda. Trey Champie of Headquarters West was the broker for the deal, and the seller was Resource Land Holdings, a private equity firm based in Denver.
The site, called Arlington Valley Farm, is located about 12 miles from downtown Buckeye.
The land has been leased to a single tenant, an active farm, for years, and the farmer is planning to remain on the site, operating the farm, Champie told the Business Journal. Hanson Aggregates plans to extract the aggregate resources from the land over a period of decades, and the land has significant aggregate reserves, he said. All mineral and water rights were conveyed in the sale.