The Arizona Department of Transportation (ADOT) recently sold a 21-acre parcel of land along the north side of Interstate-10 near Phoenix Sky Harbor International Airport for $28.7 million.
Eight bidders participated in the auction. Exeter 4425-4535 East Elwood, a Philadelphia-based developer, purchased the property located west of state Route 143 (Hohokam Expressway).
Several businesses, including cabinetry and shipping firms, have leased space on the parcel. Exeter 4425-4535 East Elwood will remove sections of three buildings in an area ADOT needs for the I-10 improvements.
“Our engineers determined how much of the property would be needed for I-10 widening,” Michael Craig, manager of ADOT’s office of property management, said. “The timing was right to sell the excess portion and put those dollars into the upcoming project’s budget.”
ADOT plans to widen I-10 between the Loop 202 (Santan Freeway) and the I-17 “Split” interchange near Sky Harbor. Construction is scheduled to begin in 2021.
I-10 recently closed in this stretch for cleaning and maintenance.
The sale is the largest of excess property in ADOT’s history. Proceeds will be used for the I-10 widening project.
The property was advertised earlier this year. ADOT has owned the property since 2011.
ADOT conducted tours of the property with potential buyers.