SCOTTSDALE, Ariz., March 18, 2015 /PRNewswire/ — Laurus Corporation, a U.S.-based private genuine estate investment and development firm, has actually 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 5 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 actually consistently outpaced the U.S. population growth over the last 18 years, along with projections indicating the region is expected to grow 58 percent by 2030 reaching 6.3 million people. Forbes magazine 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 ideal cities to live and job in and is currently the most actively produced area in Arizona. This submarket likewise claims numerous of the most upscale residential developments in the State along with homes ranging from $1 million to much more compared to $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-vehicle parking garage. All tenants delight in 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, genuine estate development, bistros 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 higher 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 higher desert canyons and a world-class golf course. Canyon Village is likewise an immediate neighbor of the DC Ranch Village Good health Club and Spa, and Silverleaf Club and Spa, both award-winning and top-ranking Good health clubs.
Scottsdale is the sixth largest city in Arizona, along with thriving technology, biomedical, booming tourism and retail sectors. The city of Scottsdale is residence to much more compared to 70 resorts and hotels catering to a higher-end market and attracting much more compared to 7.5 million visitors a year providing an economic impact of much more compared to $3.1 billion. Businesses discover Scottsdale a Excellent place to thrive.
The Scottsdale Airpark is the second largest employment focus in Arizona boasting approximately 48,000 employees in much more compared to 2,000 businesses. The famed Mayo Clinic has actually one of its three major branches in Scottsdale. The aviation industry has actually likewise grown along with the construction of the Scottsdale Airport along with a combined economic impact of much more compared to $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 solid employment base consistently keeps Scottsdale’s unemployment fee well below the metropolitan area.
“Currently 76% leased, Canyon Village presents solid upside potential through current rental fee 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 actually that are looking for Class-A office space in the northern Scottsdale area.”
“The sought after Scottsdale Airpark has actually seen several of the most consistent reason for office space in all of Phoenix along 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 genuine Estate Fund, we expect that its investors will certainly benefit greatly from this investment.”
Canyon Village is located at the corner of Thompson Peak Parkway and Legacy Boulevard in Scottsdale, Arizona.
Laurus Corporation is a genuine estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties. Laurus employs an entrepreneurial investment strategy created to consistently achieve attractive risk-adjusted returns by developing capital appreciation opportunities through repositioning, restructuring, re-development and intensive post-acquisition asset management. It is affiliated along with Ethika Investments, LLC, a genuine estate private equity firm.
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SOURCE Laurus Corporation