The City of Mesa has reached an agreement to sell more than 11,000 acres of land and receive up to $135 million to an investment firm in one of the largest land deals in the city’s history.
The agreement will have the city sell of more than 11,400 acres it purchased in 1985 to the real-estate investment company Pinal Land Holdings, LLC. PLH will fully manage the land, located in Coolidge’s city limits and inside Pinal County, through a master lease.
“We are excited to take an important asset in Pinal County and convert it into direct and ongoing economic investments,” Mesa Mayor Scott Smith said in a press release. “City staff worked hard to make this deal happen and their efforts paid off.”
Mesa originally purchased the land 28 years ago for $29 million in order to create a water farm, and the Mesa City Council approved the decision to put the land on the market began five years ago.