Retail developer Pederson Group bought 23 acres of State Trust Land on Monday for $7.2 million at the corner of 35th Avenue and Happy Valley Road.
Proceeds will go to adult and juvenile correctional institutions statewide and toward the state owned Arizona Pioneers' Home in Prescott, a retirement home established at the turn of the last century in 1909.
Arizona's State Land Department pro-actively manages more than 9 million acres of Trust Land, which is about 13 percent of the state.
