Real estate investment firm Pinal Land Holdings announced it has closed on 11,400 acres of public land west of Phoenix. The 88 parcels are within the city limits of Mesa, in Coolidge and Pinal counties, and are primarily agricultural tracts. Mesa leaders bought the land in the 1980s for a water farm but never broke ground on the project. The latest three-phase sale agreement could net Mesa up to $135 million, which city leaders hope will fuel development projects such as higher education initiatives and a new training complex for the Chicago Cubs. No details have emerged on what Pinal plans to do with its new holding. The investment company was formed solely for the purpose of this acquisition.
Read more here.