Arizona State Land Department officials say a national insurance company has successfully bid $83 million for about 134 acres of trust land in Scottsdale.
Nationwide Mutual Insurance Co. has plans for a mixed-use development, including a regional corporate headquarters.
The Fortune 100 company already has an existing office complex in Scottsdale.
The Scottsdale City Council voted in June to approve a rezoning package calling for a variety of commercial uses including offices and hotels, as well as for several hundred residential units.
Arizona K-12 public education is the largest of 13 beneficiaries of trust land managed by the State Land Department.
The department manages more than 9.2 million acres of trust land, which is 13 percent of the land within Arizona.
Topics Mergers & Acquisitions Arizona
Was this article valuable?
Here are more articles you may enjoy.
Zurich to Buy AIG’s Travel Insurance Business for $600 Million 
Three Charged With Helping Agents Cheat on Florida Insurance License Exams 
As Rates Rise, Majority of Homeowners Say Insurance Industry Is in Crisis: Survey 
Changes at American Coastal Insurance After Florida OIR Action on ‘No-Fly List’ 
