Sunbelt Investment Holdings (SIHI) was the winning bidder of 272 acres of Arizona State Land in Buckeye. Bidding started at $42 million and was driven up to $62.5 million with Sunbelt coming out on top.

Sunbelt also owns two adjacent land sites on the north and south sides of the property, totaling about 375 acres. The property has two miles of I-10 frontage. The Phoenix Business Journal reports Sunbelt is considering a variety of uses, including retail, restaurants, medical and some multifamily.

The company’s next step is to work with the city on entitling the land with an anticipated groundbreaking of the first phase in 2029 or 2030.

SIHI currently owns and operates 23 neighborhood and power shopping centers located in Southern California and Arizona with more than 4.1 million square feet of leasable area. In addition, SIHI owns a 1.5 million square foot portfolio of newly developed industrial buildings and is currently developing its first multifamily project in Phoenix.