Slowing market helps developer
Real estate firm scoops up prime pieces of state land
Catherine Reagor and Cecilia Chan
The Arizona Republic
Jun. 23, 2006 12:00 AM
The Valley's slowing real estate market is giving new real estate players like Patriot American Development a chance.
Patriot American, a Scottsdale firm, purchased two prime parcels of state trust land in Peoria on Thursday. It was the only bidder for one parcel and easily beat Toll Brothers, which has spent millions in the past on state land, for the other.
It was the first time Patriot has even bid on state land. It got the 1,260 acres for $102.5 million, or $81,000 an acre, just slightly above the appraised value of $101.5 million.
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