DC RANCH CANYON VILLAGE OFFICE-RETAIL PROJECT SOLD TO SO. CAL. FIRM IN $18.7 MILLION DEAL

Scottsdale – Laurus Corp. in Los Angeles, Calif. (Andres Szita, Jean Paul Szita, principals) has entered the Valley real estate market with the $18.7 million ($199.17 per foot) purchase of the 93,890-square-foot Canyon Village office-retail project located within the DC Ranch community in Scottsdale. The four-building complex, comprised of two- and three-story structures, is at the northeast corner of Thompson Peak Parkway and Legacy Boulevard. The seller was Canyon Village LLC, a company formed by DMB Associates Inc. in Scottsdale (, principal). The deal was brokered by Dennis Desmond, Brian Ackerman, John Bonnell and Brett Abramson of Jones Lang LaSalle in Phoenix, and Alfred Hackbarth of SRS Real Estate Partners in Phoenix. The 5.6-acre property, which has addresses from 18801-18899 N. Thompson Peak Parkway, was 76 percent occupied at closing. The project is mostly comprised of office space, but also has restaurant, retail and medical office tenants. The acquisition included a 289-space parking structure that sits behind the buildings. Brad Anderson, Mike Strittmatter and Lauren Anderson of CBRE in Phoenix are leasing the mixed-use property. DMB developed Canyon Village in 2008. Maricopa County records show Canyon Village Partners LLC (Laurus Corp. entity) acquired the project with a $15 million loan from Pacific Western Bank. The investment is the first in the Valley for Laurus Corp. The privately-held firm buys office, retail, hospitality and multi-family assets. Laurus Corp. invests on behalf of high net-worth individuals, pension funds, foundations, endowments and various other institutional investors. The company is looking for more investment opportunities in the Phoenix area. With the sale of Canyon Village, DMB has now sold all of the commercial office and retail space it developed within the 4,221-acre DC Ranch master-planned community. At year-end 2013, BREW reported DMB selling the 241,280-square-foot Market Street at DC Ranch retail-office development located at the southeast corner of Pima Road and Thompson Peak Parkway. Whitestone REIT in Houston, Tex. was the buyer in that $33.4 million ($138.43 per foot) transaction. In June 2011, BREW reported Stockbridge Real Estate in San Francisco, Calif. paying $16.5 million ($242.24 per foot) to acquire the 68,113-square-foot DC Ranch Crossing retail center located at the southeast corner of Legacy Lane and Pima Road. The upscale DC Ranch golf and recreational community is nearing build out after DMB started development of the project nearly 20 years ago. Learn more from Laurus Corp. CEO Phil Cyburt at (310) 277-8600. Mike Burke of DMB is at (480) 367-0700. Reach the JLL agents at (602) 282-6300. Talk to Hackbarth at (602) 682-6030. Call the CBRE agents at (602) 735-5555.