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3/09/15
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LA-based Laurus Corp paid $18.7 mil for Canyon Village, a 93.9k sf ($199/sf) mixed-use project within the DC Ranch masterplanned community in Scottsdale, AZ. The property, situated on on 5.6 acres at 18801, 18835, 18867 and 18899 N. Thompson Peak Pkwy, consists of four buildings and an adjacent 289-car parking structure.
Located on the northeast corner of Thompson Peak Pkwy and Legacy Blvd, Canyon Village sits in the heart of DC Ranch, an 8,800-acre masterplanned community at the base of the McDowell Mountains. The majority of the project’s space is occupied by office tenants, but it also includes high-end medical office, retail and restaurant users such as Ciao Wine Bar & Bistro and The Village Health Club’s hot yoga studio.
Canyon Village is adjacent to the award-winning DC Ranch Village Health Club and Spa, and Silverleaf, a 2,000-acre private residential community boasting high desert canyons, a world-class golf course, limited custom homesites starting at $1 mil and ranging from one to 15 acres, and luxury homes from $1 mil to more than $7 mil. The 2014 median home value within a one-mile radius of Canyon Village was $608,782 – a more than 300 percent difference from the $195,930 2014 median home value for all of metro Phoenix.
JLL Senior Managing Director Dennis Desmond and Senior Vice President Brian Ackerman represented the property seller, Canyon Village LLC (an entity of DMB), in cooperation with DMB Vice President of Development Michael Burke and Director of Leasing and Sales T.A. Shover. Alfred Hackbarth, retail investment expert and Senior Vice President of SRS Real Estate Partners, JLL Managing Director John Bonnell and Vice President Brett Abramson, also assisted in the transaction.
“It is rare to find all of these amenities in one location – a landmark site, a highly designed formal Mediterranean environment, almost unrivalled access to executive housing and decision makers, a highly educated labor pool and meticulous property management,” said DMB Vice President Mike Burke. “We took all of these factors into consideration when building Canyon Village, laying a strong foundation for a long-term success story.”
At the time of purchase, Canyon Village was 75.9 percent leased, with expectations that this figure will increase quickly as development continues around the site and the Phoenix office market enjoys a sustained recovery.
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