At auction on Sept. 10, the Arizona State Land Department sold 74 acres of State Trust Land in Scottsdale near Hayden Road and Loop 101, officials say.
The successful bidder was Axon Enterprise Inc., with a winning bid of $49.1 million, exceeding full appraised market value by more than $17 million, according to a press release from the State Trust Land Department.
The sale proceeds will be invested in the Permanent Land Endowment Trust Fund to benefit Arizona K-12 education.
“The Land Department is very happy we can continue to be part of the vibrant economic development in Scottsdale and we expect the sale of this parcel will lead to more growth,” Land Commissioner Lisa Atkins said in a prepared statement. “Our mission in selling State Trust Land is to obtain the highest value for beneficiaries, and I couldn’t be more pleased with today’s auction outcome.”
On Aug. 25, the Scottsdale City Council unanimously approved a public infrastructure reimbursement development agreement with Axon, contingent upon their successful purchase of the state land.
The parcel is directly across Loop 101 from State Trust Land sold to Nationwide in 2018, where the Fortune 100 company is building a regional headquarters among other uses.
The sale to Axon continues the economic development of this Scottsdale area known as Crossroads East. Axon will build the infrastructure (drainage, water, sewer) on the 74 acres and is required to finish Mayo Boulevard through the parcel.
Unlike auctions where an interested party approaches ASLD to file an application to purchase, the urban acres were offered for sale to the public directly by Commissioner Atkins through a process known as Per Commissioner’s Initiative.
“Through our strategic plan, we are improving the proactive management of the 9.2 million acre State Trust Land portfolio throughout Arizona by offering acres for sale; obtaining greater value for beneficiaries and helping create strong economic development for our State. This sale hits that target,” Ms. Atkins said.