- Associated Press - Friday, June 24, 2016

HUNTSVILLE, Ala. (AP) - A development land in north Alabama sold for $4.8 million at a hotel auction near Huntsville International Airport.

The National Auction Group said more than 280 acres near the northeast and northwest sides of Interstate 65 were sold Thursday, Al.com (https://bit.ly/28Wqa54) reported Friday. The event attracted more than 150 attendees and 14 registered bidders.

Each bidder was required to submit a deposit of $25,000 per tract and/or $100,000 per parcel to bid. The buyers’ names were not disclosed.

“We had very happy buyers and happy sellers,” National Auction Group President William Bone said in a statement. “Both were pleased with the sale.”

The Northeast parcel sold for $22,550 per acre (95.28 acres); Peetes Corner sold for $20,350 per acre (99.16 acres); and Northwest parcel sold for $7,700 per acre (84.80 acres).

The land at Huntsville Brownsferry and Mooresville, known to many as Peete’s Corner Farm, is zoned commercial with utilities available inside the Huntsville city limits.

Bone has called the tract a “critical piece of property.”

The other parcels included 95 acres at the northeast corner of I-65 and Huntsville Brownsferry Road and 84 acres at the northwest corner of I-65 and Huntsville Brownsferry Road. Each tract has direct exit access and interstate visibility.

A National Auction Group spokesperson says the northeast corner was purchased by a group of physicians, while the other corner was bought by an individual.

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