Three key takeaways from Phoenix Metro commercial real estate activity for the week of April 30 to May 7, 2026: The Desert Ridge State Trust Land auction cleared at $180 million, blowing past its $108.3M minimum bid by 66%. The 293.498-acre tract sold for $613,292 per acre ($14.08 per land square foot) to Desert Ridge 293 LLC (a Blandford Homes affiliate), resetting the institutional pricing floor for large-scale, master-planned land in northeast Phoenix.