Tuesday, July 22, 2014

Land Abutting Scottsdale Airpark Sold for $2.5m

By: Paul Dionne | Vizzda

Less than a month after selling phases two and three ofTrilogy West in Vistancia to Shea Homes, Tom Tait, Jr. of Tait Development has acquired nearly two acres of vacant land adjacent to Scottsdale Airpark for $2,511,111 or almost $30 per square foot. Richard B West, III of Carefree Partners—as a fifty percent tenant-in-common—was also party to the all cash acquisition.

The parcel is 85,800 ft2 or 1.9697 acres, zoned I-1.  It is one of two remaining undeveloped parcel adjacent to the south of Scottsdale Airpark. The other parcel—9.54 gross acres previously planned for an 85k square foot office building and hangar—was acquired by renowned architect Bing Hu in September oflast year for $5.78m or $13.90 per square foot. In April of this year, Tait acquired that parcel for $8.325 or $20 per square foot. 

The seller was a special purpose entity whose members are corporate officers of Freeport McMoRan—Including its CEO, Richard Adkerson. The selling entity previously acquired the property in 2001 for $2.574m or $30 per square foot from Finova Group in an all cash deal. The Planning and Development Department for the City of Scottsdale has indicated that there are no active planning cases on the site.

To Contact the Author:

Paul Dionne - pdionne@vizzda.com

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