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Land in northeast Phoenix where the Arizona Coyotes once hoped to build an arena was sold to a Minnesota-based commercial developer for $136 million.

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Verde Investments placed its final bid of $135 million before Mortenson ended the auction with its winning $136 million bid.

The land was formerly sought by the Arizona Coyotes for a new arena, but plans fell through. Mortenson outbid another developer, Verde Investments, at a state land auction.

In a bidding war that broke out at the Arizona State Land Department’s public auction last week, Mortenson Co. outbid rival developer Verde Investments for the 217-acre property near Scottsdale ...

A Minnesota-based commercial developer dropped $136 million to end a bidding war on land in northeast Phoenix that the Arizona Coyotes once desired.

Minnesota-based Mortenson Co. purchased 217 acres in northeast Phoenix for $136 million. The land was formerly sought by the Arizona Coyotes for a new arena, but plans fell through. Mortenson outbid ...

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