Laurus Corporation, a U.S.-based private real estate investment and development firm, acquired Canyon Village, a 93,890-square-foot, four-building, institutional quality office park, occupying approximately 5.6 acres in the heart of DC Ranch, a mixed-use development, in North Scottsdale, Arizona. The building is approximately five minutes from the Loop 101 Pima Freeway, the primary Scottsdale access for those living or working in the neighboring communities.
Scottsdale is a submarket of the Phoenix market, the 13th largest metropolitan area in the country. Greater Phoenix has consistently outpaced the U.S. population growth over the last 18 years, with projections indicating the region is expected to grow 58 percent by 2030 reaching 6.3 million people. Forbesmagazine recently named Phoenix as one of the fastest-growing cities in America.
North Scottsdale, located between Phoenix and the McDowell Mountains, is consistently ranked among the nation’s best cities to live and work in and is currently the most actively developed area in Arizona. This submarket also claims many of the most upscale residential developments in the State with homes ranging from $1 million to more than $7 million.
The modern stucco development of Canyon Village features four distinct buildings housing high-end office, retail and restaurant tenants, as well as a 289-car parking garage. All tenants enjoy panoramic views of Metropolitan Phoenix or the majestic McDowell Mountains. Its location in the Scottsdale Airpark submarket places it at the epicenter of robust technology, real estate development, restaurants and business services region. The architectural features establish Canyon Village as a unique trophy property, surrounded by inviting water features and beautifully manicured gardens, boasting an impressive 20-foot high obelisk.
Canyon Village is at the heart of Scottsdale’s most exclusive communities. It sits directly southwest of Sterling at Silverleaf, which offers the most elite households in the area, enjoying stunning views of high desert canyons and a world-class golf course. Canyon Village is also an immediate neighbor of the DC Ranch Village Health Club and Spa, and Silverleaf Club and Spa, both award-winning and top-ranking health clubs.
Scottsdale is the sixth largest city in Arizona, with thriving technology, biomedical, booming tourism and retail sectors. The city of Scottsdale is home to more than 70 resorts and hotels catering to a higher-end market and attracting more than 7.5 million visitors a year providing an economic impact of more than $3.1 billion. Businesses find Scottsdale a great place to thrive.
The Scottsdale Airpark is the second largest employment center in Arizona boasting approximately 48,000 employees in more than 2,000 businesses. The famed Mayo Clinic has one of its three major branches in Scottsdale. The aviation industry has also grown with the construction of the Scottsdale Airport with a combined economic impact of more than $3 billion annually and growing. Major employers include Scottsdale Healthcare, Mayo Clinic, General Dynamics, CVS/Caremark, Go Daddy Group, Vanguard Group, Scottsdale Insurance and Henkel. The broad range of industries provides the foundation for a vibrant economy, and this strong employment base consistently keeps Scottsdale’s unemployment rate well below the metropolitan area.
“Currently 76% leased, Canyon Village presents strong upside potential through current rental rate 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 Corporation. “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.”
“The sought after Scottsdale Airpark has seen some of the most consistent demand for office space in all of Phoenix with four consecutive years of positive net absorption,” said Philip Cyburt, Chief Executive Officer of Laurus Corporation. “As well, this acquisition represented an ideal opportunity to allocate capital from Laurus’ private equity platform, the Ethika Diversified Opportunity Real Estate Fund, we expect that its investors will benefit greatly from this investment.”
Canyon Village is located at the corner of Thompson Peak Parkway and Legacy Boulevard in Scottsdale, Arizona.