Phoenix-based retail developer Vestar won an Arizona State Land Department auction Nov. 5 for about 20 acres near Desert Ridge — but only after exchanging bids with a local real estate investor and an LLC formed a couple of weeks ago.
The parcel up for grabs, located on the southwest corner of Deer Valley Road and North Black Mountain Boulevard, came with a $6,850,000 starting bid. That figure increased to a final price of $10,350,000 by the time the bidding was done.
Vestar was the initial applicant for the parcel and triggered the auction. The firm announced it’s planning to develop a new project there called Black Mountain Village – a 120,000 square-foot neighborhood shopping center.
Read more of this story from the Business Journal.
