An out-of-state real estate investor stole the show from Phoenix-based Vestar during two Arizona State Land Department auctions on June 26.
Arlington, Virginia-based Taicoon Property Partners outbid Vestar on two sites in north Phoenix just east of Taiwan Semiconductor Manufacturing Co.’s massive campus.
The first site, totaling about 186 acres off Interstate 17 and Dove Valley Road, had a $36.6 million starting bid. Vestar Vice President of Finance and Development Kean Thomas and Taicoon’s CEO Hai Chien Wang exchanged bids in million-dollar increments briefly, but Taicoon ultimately won with its $43 million bid.
The second site, totaling about 181 acres off Interstate 17 and Carefree Highway, had a similar starting bid of $36.7 million. Vestar and Taicoon again exchanged bids, along with a third bidder — Mack Real Estate Group’s Chris Janson. Taicoon won again, placing the winning bid of $45 million for the second site.
Read more of this story from the Business Journal.
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