La Estancia MPC and Marana Main Street Both Well Underway
La Estancia adds a 25.5 acre commercial block
SBH La Estancia, an affiliate of Sunbelt Holdings, a privately-held Scottsdale developer, acquired a 25.55 acre commercial block platted at La Estancia for $1.012 million. In August 2013, Sunbelt purchased the 480-acre La Estancia master planned community at the northwest corner of Kolb and I-10 for a complimentary mix of uses in this Southeast 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. This 25.55 acres platted commercial completes the land acquisition from Tucson developer, R.B Price & Company (Richard Price, managing member).
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 an elementary school in the Vail School District. The community sold with 664 platted lots of varied sizes, ranging from 40’ x 110’ to 65’ x 110’.
Sunbelt has now completed the infrastructure along the two main roads and reports dry utilities are in place, and storm drains should be finished by the end of this month or early April. Homebuilders should be excited as they finish up in other areas, La Estancia will be a welcomed addition to pent up demand for lot inventory in the area.
Will White with Land Advisors Organization of Tucson handled the original 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. To learn more White can be reached at 520.514.7454.
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Marana Main Street making progress quickly
Boffo Properties, LLC purchased block 1 at Marana Main Street at the northeast corner of Sandario Road and Denny Street in Northwest Tucson for $305,000 ($7.04 PSF). The buyer is Dr. Michael Fair, DDS who plans to build a 4,000 – 5,000-square-foot dental office to owner occupy on the 43,323-square-foot pad.
Marana Main Street Project is a new 28-acre planned project in the Town of Marana just north of the Marana Town Hall and Municipal Complex that will be the gateway to Marana and a visible link from Interstate-10 to the Town of Marana, with access and exposure from the interstate and associated exit #236.
The new development includes an attractive combination of retail, dining, office, and lodging facilities. A 70 foot tall monument sign with a 12′ x 18′ double sided digital display will be a beacon to Marana Main Street and the Town of Marana and be available for use by participating project businesses.
The developer, Marana Main Street Development Corporation, a Tucson-based company (Chris Monson, manager) also has under construction an 8,000-10,000-square-foot multi-tenant retail building for lease and is under discussion with a hotel group that has shown interest in the site. McDonald’s was first to open at Marana Main Street last fall.
Ben Craney, Scott Soelter and Dave Loui of NAI Horizon in Tucson represented the seller and are handling leasing for the project. To learn more contact Craney at 520.603.4013, Soelter at 520.204.6969 and Loui at 520.603.4013.
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[mepr-show rules=”58038″] La Estancia – Sale date: 1/30/2015. We were unable to determine down payment, if any. APN: 141-36-695
Marana Main Street dental office lot – 1/30/2015. Buyer paid $183,000 down and financed the balance with new loan(s). APN:217-28-020G a split of 217-28-020C [/mepr-show]