Laurus Corporation acquires Canyon Village office building in DC Ranch

Laurus Corporation, a U.S.-based private real estate investment and development firm, has 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.

Canyon Village is located at the corner of Thompson Peak Parkway and Legacy Boulevard.

Canyon Village is located at the corner of Thompson Peak Parkway and Legacy Boulevard.

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.

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.

Canyon Village 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.

The Scottsdale Airpark is the second largest employment center in Arizona boasting approximately 48,000 employees in more than 2,000 businesses. 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.

“Currently 76 percent 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.

Laurus Corporation is a real estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties. It is affiliated with Ethika Investments, LLC, a real estate private equity firm.

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