ADOT holding mass auction of property - East Valley Tribune: News

ADOT holding mass auction of property

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Posted: Monday, May 5, 2008 2:31 pm | Updated: 10:05 pm, Fri Oct 7, 2011.

The Arizona Department of Transportation is holding its first-ever mass auction of property left over following construction of freeways.

View properties scheduled to be auctioned

Of the 11 parcels, nine are located in the East Valley with six in Mesa. The properties’ sizes range from slightly more than an acre to nearly 17 acres.

In all, the parcels have a combined appraised value of more than $20 million.

The auction will be held at 10 a.m. Wednesday in the auditorium of ADOT’s administration building, 206 S. 17th Ave. in Phoenix.

According to ADOT Director Victor Mendez, proceeds from the auction are reinvested in the state’s our transportation infrastructure.

“We need to be innovative in today’s market,” Mendez said. “Our goal with this auction is to spur even more interest in available properties along our freeways and expedite the process for completing sales.”

Over the past year, ADOT has taken in $31 million via sales of excess property. One of the auctions ended with a $16-million bid for land near the University of Phoenix Stadium in Glendale. That was ADOT’s highest selling price for a single parcel.

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