Three major homebuilders have teamed up to buy nearly 300 acres of state land in Peoria.

California-based Shea Homes, which was the applicant for the Arizona State Land Department auction held Nov. 25, selected Lennar Corp. and Toll Brothers Inc. to buy the state land and build 700 homes on the site at the northeast corner of Dixileta and Litchfield road alignment.

The trio was the sole bidder for the parcel, nabbing the property for the minimum bid of $46.89 million.

Jon Fisher, vice president of land acquisition for Shea Homes, said Lennar will take more than a third of the 279.8-acre parcel, while Shea Homes and Toll Brothers will split the remaining balance.

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