More information has been released about the $18.7 million sale of an office development in north Scottsdale covered in an installment of $5M+ Deals last week.
The Phoenix office of JLL has completed the sale of Canyon Village, a Class A mixed-use office project within the 8,800-acre DC Ranch master-planned community in Scottsdale, a press release said.
Totaling 93,890 square-feet on 5.6 acres, Canyon Village includes four buildings and an adjacent 289-car parking structure.
It is located at 18801, 18835, 18867 and 18899 N. Thompson Peak Parkway on the northeast corner of Thompson Peak Parkway and Legacy Boulevard.
The buyer is Laurus Corp., a Los Angeles-based private real estate investment and development firm.
Canyon Village is primarily home to office tenants, but 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.
It is an immediate neighbor to DC Ranch Village Health Club and Spa and Silverleaf, a 2,000-acre private residential community with custom homesites starting at $1 million ranging from 1 to 15 acres and luxury homes from $1 million to more than $7 million.
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, the release said.
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.