Hanson Aggregates, a subsidiary of Lehigh Hanson Inc., bought 1,425 acres of land west of Buckeye, Ariz., for $16.5 million, according to real estate database Vizzda. Trey Champie of Headquarters West was the broker for the deal, and the seller was Resource Land Holdings, a private equity firm based in Denver.
The site, called Arlington Valley Farm, is located about 12 miles from downtown Buckeye. The land has been leased to a single tenant, an active farm, for years, and the farmer is planning to remain on the site, operating the farm, Champie told the Business Journal.
Hanson Aggregates plans to extract the aggregate resources from the land over a period of decades, and the land has significant aggregate reserves, he said. All mineral and water rights were conveyed in the sale. A ready-mix plant is also planned for the site.
Martin Marietta Materials Inc. recently entered into a definitive agreement under which the company will acquire Lehigh Hanson Inc.’s West Region business from HeidelbergCement for $2.3 billion in cash.