Laurus Corp. Acquires Scottsdale’s Canyon Village
- Mar 28, 2015
Laurus Corp. has acquired Canyon Village, a four-building, 93,890-square-foot mixed-use office complex in Scottsdale’s Airpark submarket. The property is part of the DC Ranch development and also features retail, restaurants and a 289-space parking structure. Terms of the deal, which was announced on March 18, were not disclosed.
Located at the corner of Thompson Peak Parkway and Legacy Boulevard, the asset is five minutes away from Loop 101 Pima Freeway. Canyon Village was only 76 percent leased when the deal closed, but its new owners expressed confidence in its future. The Scottsdale Airpark submarket is Arizona’s second-largest employment center and was one of last year’s best- performing regional submarkets.
“Canyon Village presents strong upside potential through current rental growth and a unique opportunity to acquire an institutional-quality project in a growing area that is only getting better,” said Andres Szita, chairman of Laurus, which is an affiliate of Ethika Investments L.L.C. “The project is particularly desirable as it represents one of only a few opportunities tenants have who are looking for Class-A office space in the northern Scottsdale area.”
Image Courtesy of Laurus Corporation