Vestar Wins $10,350,000 Auction for Desert Ridge Land Parcel

Phoenix-based retail developer Vestar secured approximately 20 acres of land near Desert Ridge following an Arizona State Land Department auction on November 5, KTAR News reported.

The bidding process drove the price of the parcel significantly higher than its initial valuation. While the auction began with a starting bid of $6,850,000, the final sale price reached $10,350,000 after a competitive exchange of bids.

The property is situated at the southwest corner of Deer Valley Road and North Black Mountain Boulevard. This location puts the 20-acre site in a high-traffic area central to the ongoing commercial expansion of the North Phoenix corridor.

Phoenix developer Vestar won a state land auction for 20 acres near Desert Ridge, paying $10.35 million. It plans a 120,000-square-foot shopping center with a 65,000-square-foot grocery anchor. https://t.co/nVgym7u1PC

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Vestar did not win the land uncontested. The developer faced competition from a local real estate investor and a recently established LLC. Specifically, Andrew Cohn, a principal at Levine Investments—the firm that owns Uptown Plaza—was among the bidders.

Another participant in the auction was Boba 168 LLC, an entity linked to The Castlefin Group. Margaret Gregg, who represented Boba 168 LLC during the proceedings, lists The Castlefin Group on her LinkedIn profile alongside a Taiwan-based company known as Eagle AI.

The auction results highlight the intense interest in the Desert Ridge periphery. Investors are increasingly targeting these specific southwest corners of major intersections to capitalize on the residential density of the surrounding suburbs.

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Auction Metric	Value
Starting Bid	$6,850,000
Final Sale Price	$10,350,000
Total Acreage	Approximately 20 acres

The jump from the $6.85 million floor to the $10.35 million hammer price reflects a premium being placed on the site's utility for retail or mixed-use development. For local planners and business owners, this transaction signals continued confidence in the Phoenix metropolitan area’s ability to absorb high-value commercial real estate.

Those attending the auction alongside Gregg declined to comment to the Phoenix Business Journal regarding the outcome or their specific bidding strategies.