ADOT sells freeway parcel at auction for $4.6 million
May 8, 2008
Phoenix, Arizona: The Arizona Department of Transportation’s first ever mass property auction produced one winning bid on an excess commercial parcel near the Loop 202 (Santan Freeway) and Lindsay Road in Gilbert.
The land tentatively sold for $4.6 million at Wednesday’s auction, matching the state’s appraised value. The 13.3 acre site is near the northwest corner of Loop 202 and Lindsay Road. The name of the winning bidder will be available once the sale of the property closes escrow.
Proceeds from the sale of excess freeway property will be reinvested to help fund future freeway projects.
The Gilbert-area property was one of eleven excess property parcels up for auction. Overall, auction offerings ranged from $5.1 million for a 15 acre site in the East Valley to $427,000 for a parcel along Grand Avenue in the West Valley. In all, the 11 parcels had a combined appraised value of more than $20 million.
The parcels are remnants of land originally purchased for ADOT’s construction of freeway projects to meet the transportation needs of the ever-growing Valley.
The auction marked the first time ADOT has offered several parcels for bid at one time. While selling the parcels was the primary mission of the event, the effort will help gauge interest in commercial property the agency needs to sell. Future auction will be scheduled to help speed the sale and transfer of excess property.
General information about available ADOT properties, including those that were not bid on today, is available at www.azdot.gov under the Properties for Sale/Rent link. The Web page also advertises ADOT owned residential and statewide properties that are no longer needed.
Over the past year, ADOT has sold about $35 million in excess property including a $16 million parcel near the University of Phoenix Stadium in Glendale. That was ADOT’s highest selling price for a single parcel.
For more information about available parcels or future auctions, call 602.712.7587.
