Phoenix Proving Grounds Sold for 400 Million Dollars
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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. [...]