By: Paul Dionne | Vizzda
Birmingham, Alabama-based construction aggregate producer, Vulcan Materials Company, paid $33.808m in cash on Friday to acquire 872.14 gross acres of agricultural and mineral extraction use land in southwest Phoenix. The seller is also a producer of construction aggregates, Dearborn, Michigan-based Edw. C. Levy Company doing business as Mesa Materials, which controlled the site dating back to 1994. The $33.808m acquisition price equates to $38,763 per acre or $0.88 per square foot.
The land is comprised of active agricultural land at the southwest corner of 75th Avenue and Broadway Road, extending west to 83rd avenue, as well as additional agricultural use south of the southeast corner of 75th Avenue and Broadway. The agricultural use serves as a buffer from the mineral extraction uses, which include several ponds and active quarry equipment in the central portion of the property. Continuing south, the property tails away to the southwest along the Salt River bed, extending as far west as 99th Avenue.
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