Huge Land Sale in Arizona

Updated from 9:57 a.m. EST

In what is being called the most expensive land sale in Arizona history, Toll Brothers (TOL Quote), Meritage Homes (MTH Quote) and Simon Property Group (SPG Quote) have purchased a 5,485-acre parcel in northwest Phoenix for $312 million.

The initial plans are for a mixed-use, master-planned community, with about 4,840 acres containing single-family homes and attached homes. The property was sold by DaimlerChrysler(DCX Quote), which uses it for vehicle testing and automotive development. DaimlerChrysler will continue to lease the property for the next few years.

Toll Brothers and Meritage each plan to build a "significant" number of homes on the site. Simon Property, the country's largest mall owner, has the option to purchase a large portion of the commercial property. Other parcels may be sold to third parties, the press release states. ...