Aug 22, 2014, courtesy of Mike SunnucksSenior Reporter-Phoenix Business Journal
Two real estate arms of the Church of Jesus Christ of Latter-day Saints have swapped ownership of land in the outer suburbs of Phoenix.
Property Reserve Inc. has sold at least 16 parcels to Suburban Land Reserve Inc. for $104.2 million, according to Maricopa County records.
Both companies are real estate affiliates of the Mormon Church. Both are also major buyers of real estate across the U.S.
Real estate industry officials say the land sale between LDS brethren companies involves land on the outskirts of the Valley, including parcels near and along the Loop 303 in the West Valley as well possibly as much as 1,000-acres of land in Pinal County. The West Valley land is near the Prasada development.
Suburban Land is one of the development interests at the Prasada development at Loop 303. Glendale spokeswoman Julie Watters said the West Valley land in the deal that is slated to be annexed by her city.
Property Reserve and Suburban Land executives in Utah could not be reached for comments Friday.
The two Mormon entities have exchanged land before. Again, real estate industry officials said such a transaction could be done for tax purposes or to switch from a holding entity to a development entity.