Magic Lake, Lookout Mountain and what one Arizona land deal shows about the real estate market

By Mike Sunnucks | Phoenix Business Journal

Ohio-based Magic Lake 80 LLC has sold 52 acres of land in Pinal County south of Phoenix to Scottsdale-based Lookout Mountain Partners.

The land is off Hunt Highway and Heritage Road south of Queen Creek.

Lookout Mountain bought the Pinal land for $1.25 million.

The Scottsdale group plans to get the acreage zoned and ready for housing development and will then sell off lots and parcels to homebuilders.

Pinal County is roughly an hour south of downtown Phoenix and was hit very hard by the last real estate crash and recession.

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January 10, 2018

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