A group of investors led by a minority owner of the Phoenix Suns has plopped down $47.2 million in cash for nearly 1,000 acres of land near the proposed BNSF railway project in a fast-growing area of Surprise.An entity tracing to Scott Seldin, a minority owner of the Phoenix Suns, bought 917 acres from an entity tracing to MCS Capital and another 52 acres from homebuilder Lennar Corp., according to Tempe-based Vizzda LLC real estate database.Nathan & Associates Inc.’s Nate Nathan, David Mullard, Casey Christensen, Daniel Baldwin and Ryan Duncan negotiated the $45 million transaction with MCS Capital while Nathan, Mullard and Christensen negotiated the $2.3 million transaction with Lennar.Nathan, president and designated broker for Scottsdale-based Nathan and Associates, said this parcel is a key chunk of land within a much larger potential development in the northwest Valley.The 52 acres sold by Lennar is where a wastewater treatment plant and water campus designed to support future growth in that area of the region will be built.Jeffrey Gunderson, senior vice president of land operations for Miami-based Lennar Corp. (NYSE: LEN), said Lennar wound up with that parcel when it bought the land that it developed into the Asante master-planned community five miles away.”It’s where the wastewater treatment plant and water campus and all those utilities that support that special planning area are designed to fit on that site,” Gunderson said. “We just wound up owning it. It came along with the original Asante transaction. We’ve been in escrow to sell it …
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