The Riley Family Trust of Corona Del Mar, California (Virginia C Riley, trustee) bought the leased fee interest in McDonald’s at 3640 West Tangerine Road in Marana for $1.8 million ($46 PSF). The land sold with a long term leased fee interest with McDonald’s on the 38,956-square-foot parcel.

The seller, also a California Trust, was represented by Jason Yukin of Marcus & Millichap in Fort Lauderdale, Florida and assisted by Marcus & Millichap in Phoenix.

McDonald’s built the 4,215-square-foot building in 2008 at the Tangerine Crossing Commercial Center, located east of the northeast corner of Thornydale and Tangerine Roads in Marana.

For additional information Yukin can be reached at 954.245.3431.

To learn more, see RED Comp #3891.

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Richmond American Homes (James Gaulin, Director of Land Acquisition) closed on the new subdivision of Sycamore Canyon Block 1 with 49 platted & engineered lots for [mepr-show rules=”58038″]$931,000 ($19,000 per lot). The property is located at the northwest corner of Harrison Rd and Camino Del Toro in Southeast Tucson platted by the seller, Unity, LP, a Montana-based company.

In a separate transaction, Richmond American took down three lots at Tangerine Crossing for $203,400 ($67,800) in Northwest Tucson.

No brokers were involved in either of these transactions.

Richmond American is a wholly owned subsidiary of M.D.C. Holdings, Inc., (NYSE:MDC) a Delaware Corporation based in Colorado since 1972, and ranked 11 in the top 100 homebuilders for 2012, with 3,740 closing for the year.

For more information on Richmond American Communities, contact (520) 544-2700.

The following land was sold in separate transactions:

Andrada Wilmot 180, LLC assembled 179.33 contiguous acres of ranch land in Sahaurita for $635,868 ($3,546 per acre) from two buyers, The Alice Mildred Cheeck Gasho Revocable Trust and Douglas Papini. The property is located southeast of Wilmot and Andrada, north of Sahuarita Road in Southeast Tucson. The buyer, Andrada Wilmot, LLC is an affiliate if Diamond Ventures of Tucson to hold for investment.

Myles Lewis of Tucson purchased 11.58 acres at 4900 N Craycroft Road in Tucson from DHB Real Estate of Cleveland, OH, an affiliate of New York Community Bank for $365,000 ($31,520 per acre). The property was purchased for  agricultural use. Randy and Gary Emerson of GRE Partners of Tucson and Beth Jo Zeitzer of ROI Properties represented the seller in the transaction. Emerson can be reached at (520) 777-4949 for more information.

Anthony Lunt of Tucson  acquired 5 platted lot at 5246-5255 N Melpomene Way in Northeast Tucson from ML Properties Investments, LLC of Tucson for $145,000 ($29,000 per lot) to hold for investment.

40 acres at 8845 N Ghost Ranch Trail in Marana was sold by Don Colin Pressnall to Phillip Lee Souliere for $195,000 ($4,875 per acre) to hold for investment.[/mepr-show]

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[ismember] Richmond American Homes closed on Sycamore Canyon Sept. 24, 2013. Option at Tangerine Crossing closed on Sept. 27, 2013. Both were all cash transactions.

The 179.33 acres of Venture Partners closed on Aug. 30, 2013. APN: 305-23-018A, 305-23-027B and 305-23-018B. Property was financed with a seller carryback.

Myles Lewis closed on Aug. 29, 2013. All cash transaction. APN: 109-10-013C.

The 5 -lots of Anthony Lunt closed Sept. 5, 2013. All cash transaction. All cash transaction.

These sale close out all Q3 sales recorded.

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Stretching from Gladden Farms on the west to Rancho Vistoso on the east, including Dove Mountain in the middle, the Tangerine Corridor lot sales have been brisk over the past few months.

On 10/29/2012 Mountain Real Estate Capital, LLC (Peter Fioretti, CEO) an North Carolina based company under its affiliate MFV-FC Portfolio, LLC acquired a significant portion of the remaining land portfolio from Forest City Land Group, including 1,200 residential lots in master-planned communities nationwide in a bulk portfolio sale. Mountain Real Estate plans a seven-year hold that includes reselling lots to national homebuilders such as Richmond American, Lennar, Ryan, DR Horton and Maracay Homes. The estimated finished lot values reportedly exceed $65 million.

[mepr-show rules=”58038″]The larger projects included Tangerine Crossing in Tucson, AZ, Legacy Lakes in Pinehurst, NC, Woodbury Crossing in Olympia, WA and Summers Walk in Charlotte, NC.

As part of this larger land portfolio, Mountain Capital acquired the last remaining 63 lots at Tangerine Crossing from Tangerine Road Associates for about $2.7 million, or approximately $42,400 per lot. All 63 lots were fully developed and held option agreements with builders such as Maracay, Richmond American and Meritage Homes.

On 1/31/2013, Mountain Capital through its affiliate MFV-FC Portfiolio, LLC sold 23 lots at Tangerine Crossing to Maracay Homes for $1.5 million, or $65,250 per lot. Maracay is building a total of 85 homes at Sunrise Ridge at Tangerine Crossing; a rolling option that began December, 2010.

Maracay Homes in Tucson, AZ is a private company established and incorporated in Arizona in 2006.

On 1/31/2013, Mountain Capital through its affiliate MFV-FC Portfolio, LLC also sold 17 lots to Richmond American Homes (NYSE: MDC) at Tangerine Crossing for $1.028 million, or $60,470 per lot. Richmond is building a total of 92 homes at Premier of Tangerine Crossing.

Richmond American Homes is the home building subsidiary of M.D.C. Holdings, which also offers financing and home building in eleven states.

Will White of Land Advisors Organization of Tucson handled the Tangerine Crossing transactions for MFV-FC Portfolio.

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