Investment group buys Buckeye parcel for $7.4 million

An investment group has purchased 2,389 acres of bank-owned land at the northeast corner of Sun Valley Parkway and Thomas Road in Buckeye for about $7.4 million, or $3,098 per acre, a broker involved in the deal said. The buyer was Elianto LANDVEST, an Arizona entity formed by LANDVEST North America, of California, according to commercial real estate firm Colliers International in Phoenix, which represented LANDVEST. The seller, Bank Midwest of Kansas City, Mo., was represented by commercial real estate firm Land Advisors in Scottsdale. Previously the land was to become a residential community for Lennar Homes, which had spent more than $16 million on entitlements alone, Colliers said.

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