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

Jennifer Purifoy
By | 2018-01-10T14:49:08+00:00 January 10th, 2018|

Originally posted on Phoenix Business Journal January 10, 2018

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.

But builders and real estate investors are starting to again show interest in Pinal submarkets as the economy does well and East Valley areas such as Chandler and Tempe gain jobs.

Brian Rosella of Cushman & Wakefield represented the seller. Cushman & Wakefield is tracking land transactions in the Hunt Highway and San Tan Corridors and found land deals rose 39 percent from 2016 to 2017.

“The Hunt Highway corridor is receiving a lot of attention from builders and developers right now because of all the growth in Queen Creek,” Rosella said.