The Arizona Department of Transportation has sold a parcel of land it owned along Interstate 10 in Phoenix for $28.7 million, the largest sale of excess property in the agency’s history.
The 21-acre parcel, which includes several buildings, is located along the north side of I-10 near Phoenix Sky Harbor International Airport.
TenLandBAs has been done with some previous excess property sales, proceeds from the sale will be used for an upcoming project to widen I-10 between the Loop 202 (Santan Freeway) and the I-17 “Split” interchange near Sky Harbor. That project is scheduled to start construction in 2021.
The property has been sold to Exeter 4425-4535 East Elwood LLC, a Philadelphia-based developer. ADOT purchased the property, west of State Route 143 (Hohokam Expressway), in 2011.
“Our engineers determined how much of the property would be needed for I-10 widening,” said Michael Craig, manager of ADOT’s office of property management. “The timing was right to sell the excess portion and put those dollars into the upcoming project’s budget.”
Under an agreement, the new owner will remove sections of three buildings on the property that currently extend into the area ADOT will need for the I-10 improvements. Several businesses, including cabinetry and shipping firms, have been leasing space on the property.
ADOT advertised the parcel earlier this year and conducted several tours for potential buyers. Eight bidders took part in an auction of the property.