Log in

Development

Axon purchases state land in Scottsdale for $49 million

Sale will propel Axon Enterprise headquarters redevelopment

Posted 9/10/20

At auction on Sept. 10, the Arizona State Land Department sold 74 acres of State Trust Land in Scottsdale near Hayden Road and the Loop 101, officials say.

The successful bidder was Axon …

You must be a member to read this story.

Join our family of readers for as little as $5 per month and support local, unbiased journalism.


Already have an account? Log in to continue.

Current print subscribers can create a free account by clicking here

Otherwise, follow the link below to join.

To Our Valued Readers –

Visitors to our website will be limited to five stories per month unless they opt to subscribe. The five stories do not include our exclusive content written by our journalists.

For $6.99, less than 20 cents a day, digital subscribers will receive unlimited access to YourValley.net, including exclusive content from our newsroom and access to our Daily Independent e-edition.

Our commitment to balanced, fair reporting and local coverage provides insight and perspective not found anywhere else.

Your financial commitment will help to preserve the kind of honest journalism produced by our reporters and editors. We trust you agree that independent journalism is an essential component of our democracy. Please click here to subscribe.

Sincerely,
Charlene Bisson, Publisher, Independent Newsmedia

Please log in to continue

Log in
I am anchor
Development

Axon purchases state land in Scottsdale for $49 million

Sale will propel Axon Enterprise headquarters redevelopment

Posted

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.