By Catherine Reagor | The Arizona Republic
Pinal Land Holdings, a newly formed investment group, is paying $118 million for 11,400 acres in Coolidge and Eloy. Land analysts say development of the property, which was purchased from the city of Mesa, is a key step in connecting metro Phoenix to the southern reaches of Pinal County.
Mesa bought the land in 1985 for $30 million to ensure it had water for future growth. Proceeds from the land sale will allow Mesa to pay for the Chicago Cubs spring training facility it’s currently developing.
Pinal Land Holdings was formed to make the purchase, but it doesn’t represent new players in Arizona real estate. The principals of the Scottsdale-based company have invested in other projects, including the Central Arizona Commerce Center in Case Grande, since 2005.
