The large scale transitional / industrial property market is alive and well in Western Maricopa County. Trey Champie with Headquarters West, Ltd. completed the sale of approximately 1,425 contiguous acres to Arlington Valley Farm on June 30e. The property is located approximately 12 miles west of downtown Buckeye. It is the largest farm in the Arlington Valley and the Arlington Canal Company service area. The land was sold for $ 16,500,000, according to the Commercial Real Estate Tracking website Vizzda.
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Located in the Phoenix Active Management Area, the Arlington Valley Farm has two major water rights each covering the irrigated area of the farm. It owns shares in the Arlington Canal Company (established in 1897) and has a vested right to irrigate groundwater. The property also has significant mineral reserves delimited by drilling. All rights to the water and minerals were transferred in the sale.
The seller was Resource Land Holdings, LLC, a Denver, Colorado-based private equity firm that focuses on investments in various types of land assets, including agriculture, timber, and mineral resources. The purchaser was Hanson Aggregates, LLC, a subsidiary of HeidelbergCement, a multinational building materials company.
The transaction involved extensive due diligence, including interaction with federal, state and county agencies, as well as working with surveyors, geologists, engineers and lawyers. Trey commended Resource Land Holdings and Hanson Aggregates for their professionalism throughout the process up to closing.
Transitional land deals and project location are in Trey’s wheelhouse. Here in Arizona, he located the Coolidge plant for TransCanada Energy. Salt River Project purchased the power plant for $ 465 million in 2019; and the $ 1 billion plus Agua Caliente solar project for First Solar. Agua Caliente Solar is currently owned by NRG Energy and MidAmerican Energy, a Berkshire Hathaway Energy Company.
Founded in 1983, Headquarters West, Ltd. is the largest farm real estate appraisal, brokerage and advisory firm in Arizona, with offices in Scottsdale, Tucson, Cottonwood, Sonoita and St. Johns. Trey Champie leads the transitional / industrial land brokerage and facilities setting functions of the company. For more information, email [email protected] or call 520-235-3577.