Sunbelt Holdings, a privately-held Scottsdale developer involved in some of metro Phoenix's largest master-planned communities, purchased 480-acres at the northwest corner of Kolb and I-10 for La Estancia, a new master-planned community with a complimentary mix of uses planned for development within the Tucson metro area. Sunbelt paid $17.1 million for the 480-acre master-planned community, block platted for residential, commercial, light industrial, public facilities, recreational and open space.
When fully developed La Estancia will consist of 1,500 – 2,000 homes, 51 acres commercial use and 24 acres of light industrial space, plus parks and open spaces; there’s even 10-acres reserved for a ‘possible elementary school’. The community sold with 664 platted lots of varied sizes, ranging from 40’ x 110’ to 65’ x 110’.
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Sean Walters, Chief Operating Officer of Sunbelt told us that Bob Bambauer, Vice-President at Sunbelt Holdings, was integral to the decision to buy La Estancia. Bambauer, prior to joining Sunbelt Holdings in January 2007, lived in Tucson and knows the community, having worked with homebuilders such as Pulte Home Corp, Robson Communities and KB Homes Tucson, Inc. Bambauer will be overseeing development of La Estancia, as well as continue involvement in Sunbelt’s Vistancia master- planned community in Peoria, AZ.
Sunbelt has a long term business strategy for its projects that depends on the right management: “A real estate project cannot flourish without dedicated and close supervision. From the time a project is born, Sunbelt strategically manages it to maximize long-term viability and yield, regardless of size, value or market sector. Whether managing commercial or residential projects, every aspect of the project is actively managed including pre-construction, land development and vertical construction and promotion, tenant and builder relations, financial management, and marketing,” according to the company’s profile.
Sunbelt is a recognized leader in real estate development, management and investment throughout the Southwest since 1979. Over the years, the firm has gained an understanding of the area’s unique characteristics that only time and experience can teach. Early projects like the Phoenix Gateway Center remain successful icons. Recent acquisitions of turn-around assets have provided unique opportunities to add value in the ‘class A’ office market with the Hayden Ferry Lakeside project in Tempe, and the PV|303 industrial project in the West Valley of Phoenix.
It is Sunbelt Holdings along with Ryan Companies US, Inc. developing The Marina Heights project, the largest office development in Arizona history, with more than 2-million-square-feet to be constructed on more than 20 acres, adjacent to Tempe Town Lake, in conjunction with ASU in Tempe.
Sunbelt also developed some of the Phoenix Valley’s most beloved residential communities including award winning communities such as McDowell Mountain Ranch in Scottsdale, Power Ranch in the East Valley and Vistancia in the Northwest Valley.
In all, Sunbelt has developed over 50,000 acres of land over the past 30 years.
Sendero Pass, a 770-acre master- planned community in the Southwest submarket of Tucson Arizona, located at Valencia and Ajo Highway, was Sunbelt’s first entry into Tucson last year. La Estancia is Sunbelt’s second project. Work at La Estancia is expected to start later this year or early next.
Will White with Land Advisors Organization of Tucson handled the transaction for buyer and seller, La Estancia 525, LLC (Richard Price, managing member). Land Advisors Organization will also be handling the marketing and disposition of lots to homebuilders.
Bambauer can be reached at (623) 243-6307. White can be contacted at (520) 514-7454. For more information on Sunbelt Holdings and other projects, please visit https://sunbeltholdings.com . [/mepr-show]
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[ismember] Sale date was 8/16/2013. Escrow time was 4 months. Market time - 18 months. Buyer put $3,260,000 down and financed the balance of $17,080,500 with conventional financing from Alliance Bank and a seller carryback. Recorded seller was Landmark Title Trust #18,352-T, La Estancia 525, LLC (beneficiary).[/ismember]