Phoenix – A venture formed by Penske Automotive Group Inc. in Bloomfield Hills, Mich. (NYSE:PAG, Roger Penske, chairman) and Mark-Taylor Inc. in Scottsdale (Jeff Mark, Scott Taylor, principals) was the lone, successful bidder in acquiring 35.45-acre parcel of state land in the northeast Valley. PAG Noma Master LLC (the Penske/Mark-Taylor entity) will pay $16.327 million to purchase the property in a cash transaction that is expected to close in early February. The prime acreage, located at the southwest corner of Princess Drive and Scottsdale Road, is owned by the Arizona State Land Department. The property was sold at public auction on January 29. Walt Brown, Jr. of Diversified Partners in Scottsdale is the broker of record on the transaction. PAG Noma Master was one of just two registered bidders on the land, which totals 30 net acres. The venture was the only bidder and agreed to pay the minimum bid amount of $15.95 million and $377,000 in additional fees. Continue reading:
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