It's been said that the third time's a charm.
That's how it worked out for Miami-based Lennar Corp. when it came to an April 10 Arizona State Land Department Auction.
Lennar was the winning bidder for 22.14 acres of prime acreage in the fast-growing West Valley city of Peoria, where two other commercial developers bid against the homebuilder. After a starting bid of $5.15 million, Lennar won the auction with its $8.7 million bid.
This win comes just two months after Lennar lost back-to-back bidding wars at two state land auctions on Feb. 19 for land near the parcel the homebuilder just won.
Read more of this story from the Business Journal.
