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Arizona-based home builder, Maracay Homes finalized the acquisition of 122 acres at the Rancho Vistoso ‘Donut Hole’ for nearly[mepr-show rules=”58038″] $23 million ($187,000 per acre) in Oro Valley. This last remaining large parcel in the Rancho Vistoso community sold with a preliminary site plan approval for 345-lots ($66,100 per lot). Upon completion, Maracay’s investment in land and land development is expected to be $41 million in the community with planned amenities.

The “Donut Hole” property, so named because of the way the golf course wraps around it, is on the 8 holes at the back hook of the course. It was assembled by True Life Communities, a private company from San Ramon, CA (Taber Anderson, CIO) in 2012. True Life advanced entitlements to site plan approval for the 345-lots.

Maracay Homes will be developing only 31% of the total allowable density for home sites, reduced from the original 1,100 total residential lots allowed by original zoning. The final plan consists of six distinct gated neighborhoods featuring a mix of executive, vacation (lock & leave) and family home plans from Maracay Homes’ New Arizona Living Collection with four home models aimed at maximizing the community’s views and features.

“Rancho Vistoso further demonstrates Maracay Homes’ continued commitment to the Tucson market,” said Andy Warren, President of Maracay Homes. “It is a stunning location that allows us to showcase our New Arizona Living Collection to a wider range of home buyers.”

The New Arizona Living Collection is a series of all new home designs strategically crafted to reflect the lifestyles and desires of the post-recession buyer. The Collection builds on the customization that Maracay Homes FlexDesign program already provides, providing a variety of home plan choices and amenities designed to meet buyer’s needs at every life stage.

The Rancho Vistoso announcement adds to a growing list of Maracay Home’s communities planned in the Tucson-area. Three new communities opening early next year include Deseo at Sabino Canyon in the Foothills, a 39-lot community opening in 2014, Rancho Del Cobre in Oro Valley, 68-homes in this gated community opening the new year, and Tortollita Vistas in Marana with 54 oversized home sites, now open with model construction starting. Maracay Homes’ Rancho Vistoso timeframe is to have final plat by March 2014, and be able to start land development by Q2 2014 for sales in early 2015.

Rancho Vistoso lots sizes will vary with largest 80 foot wide by 140 feet deep with adjustments being made to the current home models to fully take advantage of the property. “With the News Arizona Living Collection, Maracay Homes has taken a fresh approach to home design for Arizona,” said Warren. “The plans not only keep pace with current lifestyle trends, they anticipate home owner experiences and preferences.”

Features like an “owner’s entry” – with cubbies for personal items and a technology station for docking cell phones and electronic devices – replace the traditional laundry room entrance through the garage. A secret passageway allows homeowners to access the laundry room from the master closet, creating a more efficient way to manage laundry and housekeeping needs.

Generation suits have been added for multi-generational households. Expansive bonus rooms provide space for the hobbyist. Large islands are at the heart of open kitchens designed for central gathering and socializing. In lieu of formal dining rooms or home theaters are flexible working nooks, serving as a casual home office or study room. Outdoor living rooms integrate nature into the home, expanding everyday living spaces beyond the four walls. Spa-like master bathrooms elevate homes from simple to sophisticated.

In addition to innovative features and appealing aesthetics, Maracay Homes’ Living Smart program, offering the latest energy-efficient technologies and sustainable building practices, s incorporated into these new plans. These design elements, components and appliances offer the latest in comfort and performance as well as cost savings.

Will White with Land Advisors Organization of Tucson represented the seller and buyer in this transaction.

For more information, White can be reached at (520) 514-7454 and visit www.maracayhomes.com for more information on Maracay Homes’ new Tucson communities opening 2014.[/mepr-show]

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[ismember]Sale Price: Two documents combined for $22,793,840. Sale date: 10/1/2013. Lots sizes and number: 80’x 140’ (74-lots), 70’x 140’ (87-lots) , 55’x 125’(81-lots), and 47’ x 95 (103-lots).[/ismember]

Galleria Corporate Centre, a Class-A, mixed-use office and retail project, located at 4301 and 4343 N. Scottsdale Rd. in Scottsdale sold for $68.6 million ($128 PSF) for the 537,110 square-foot complex.

Jim Fijan and Will Mast with CBRE’s Phoenix office represented J.E.M.B. Realty Corporation, a New York City-based company (Joseph Jerome, CEO) who sold the building to a joint venture between Stockdale Capital Partners (Steven Yari, managing partner) and funds managed by Oaktree Capital Management, L.P.(Howard Marks, president), both of Los Angeles, CA.

“Scottsdale Galleria has evolved into one of the most prominent mixed-use developments in the entire Phoenix-metro marketplace. The property fosters a unique atmosphere that you can feel as soon as you walk in the door, which stems from a dynamic, tech-centered tenant rent roll and the energy of an urban, downtown Scottsdale location,” said Fijan. “It’s always exciting working on projects of this caliber, but even more so when the parties involved are as innovative and future-centered as the project in which they are investing. The team effort from Stockdale Capital Partners and Oaktree Capital Management was really heartening to see and they were great to work with. Scottsdale Galleria is in good hands.”

“Given our history and presence in Scottsdale for over 20 years we are excited about further investing into the community at such a compelling time in the market. Our partnership with Oaktree makes us equally excited and we look forward to making this investment opportunity a success for everyone involved,” said Steven Yari, Managing Partner of Stockdale Capital Partners.

Galleria Corporate Centre was almost 90% leased at time of sale and is home to large national tenants like McKesson Corporation, Yelp, SAP, Sagicor, Scottsdale Culinary Institute and CA Technologies. Galleria’s strong leasing history is the result of its strategic location just south of the intersection of Camelback Road and Scottsdale Road, the most high-profile intersection in Scottsdale. The property is known throughout the Valley as a premier technology hub in Scottsdale reflecting the vibrancy and global direction of cutting edge technologies.

Built in 1991, Galleria Corporate Centre was originally developed and operated as a regional retail mall. The property was purchased by JEMB for $29.5 million and renovated in 2001 when it was converted into two separate designated buildings. 4301 N. Scottsdale is reserved for both office and retail use, while 4343 N. Scottsdale is reserved for office-only use. The property is also equipped with an adjacent ten-story parking garage and two levels of underground parking below 4343 N. Scottsdale.

Fijan and Mast at CBRE can be reached at (602) 735-5555. Jerome with JEMB should be contacted at (212) 699-4444. Yari at Stockdale Capital is at (310) 475-5819, to contact for more information.

Cole Capital™, the private capital management business for Cole Real Estate Investments, Inc. of Phoenix announced the launch of Cole Office & Industrial REIT (CCIT II), Inc. (CCIT II), focused on net lease office and industrial assets.

CCIT II intends to invest primarily in single-tenant, income-producing, “necessity” office and industrial properties, which are leased to creditworthy tenants under long-term net leases and are strategically located throughout the United States. Most properties are expected to be subject to “net” leases, whereby the tenant is primarily responsible for the cost of repairs, maintenance, property taxes, utilities, insurance and other operating costs.

Up to 250 million shares of common stock are being made available in the primary offering at $10.00 per share. Additionally, up to 50 million shares of common stock will be offered at $9.50 per share pursuant to the distribution reinvestment plan (DRIP). Shares will be made available through registered broker-dealers and their financial representatives.

Cole Capital Corporation, a registered broker-dealer affiliated with CCIT II’s sponsor, Cole Capital, will be the dealer-manager of the offering and will offer CCIT II’s shares on a best-efforts basis.

Prospectus
A full prospectus may be found on the Cole Capital website (www.colecapital.com), by calling the sponsor at (866) 907.2653 or by mail at Cole Capital Corporation, 2325 E. Camelback Road, Suite 1100, Phoenix, Arizona 85016.

(SOURCE Cole Capital)