Phoenix Proving Grounds Sold for 400 Million Dollars
In the biggest real estate deal in Phoenix’s history, the Proving Grounds has been sold for 400 million dollars. The land had previously been used as a testing center for vehicles.
PHOENIX For 400 (m) million, developers are getting 55-hundred acres of land that serves as a test facility for Dodge and Chrysler.
DaimlerChrysler management agreed yesterday to sell its Arizona proving grounds near Wickenburg.
Real estate analysts think the deal is worth more than 75-thousand dollars an acre.
The proving grounds are mostly vacant, unimproved land.
It contains a few office buildings and laboratories along with the paved test tracks and other vehicle-testing areas.
The previous record for a land sale was Newland Communities’ and its 250 (m) million dollar purchase of a chunk of the Goodyear development Estrella Mountain Ranch last May.
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[...] Previously, the Dodge and Chrysler sold for 400 million dollars. [...]