Home » MHN City Pages  »  Phoenix  

Laurus Corp. Acquires Scottsdale’s Canyon Village

28 Mar 2015, 9:47 pm

By Liviu Oltean, Associate Editor

The Canyon Village Office Park

Laurus Corp. has acquired Canyon Village, a four-building, 93,890-square-foot mixed-use office complex in Scottsdale’s Airpark submarket. The property is part of the DC Ranch development and also features retail, restaurants and a 289-space parking structure. Terms of the deal, which was announced on March 18, were not disclosed.

Located at the corner of Thompson Peak Parkway and Legacy Boulevard, the asset is five minutes away from Loop 101 Pima Freeway. Canyon Village was only 76 percent leased when the deal closed, but its new owners expressed confidence in its future. The Scottsdale Airpark submarket is Arizona’s second-largest employment center and was one of last year’s best- performing regional submarkets.

“Canyon Village presents strong upside potential through current rental 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, which is an affiliate of Ethika Investments L.L.C. “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.”

Image Courtesy of Laurus Corporation




Resource Real Estate Acquires Gilbert Asset

24 Mar 2015, 4:58 pm

By Liviu Oltean, Associate Editor

Springs at Gilbert Meadows Apartments

Resource Real Estate Opportunity REIT Inc., a non-traded vehicle specializing in distressed properties, recently acquired Springs at Gilbert Meadows Apartments, a 459-unit apartment community in Gilbert.

Located on a 22-acre tract at 275 W. Juniper Ave., the property is minutes away from Gilbert’s Downtown Heritage District. Its location and Greater Phoenix’s growth were key factors in the REIT’s decision to acquire the asset and to pursue capital improvements. Terms of the deal have not been disclosed.

“As Phoenix’s growing economy and real estate market enters into a healthier, more balanced point relative to previous years, we are seeing a strong demand for renovated, well-located market rate apartments that are both attractive and affordable to Phoenix’s workforce,” Kevin Finkel, the REIT’s president & COO, said in a statement.

The new owner’s value-added strategy for Springs at Gilbert Meadows includes upgrades to individual units, common areas, amenities, exterior painting and landscaping. Current amenities include two swimming pools, a clubhouse, a fitness center, a business center, a large outdoor recreational area and access to a bike and running trail.

Irgens Plans Medical Office Building in Peoria

16 Mar 2015, 5:18 pm

By Liviu Oltean, Associate Editor

The New Medical Office for Cigna

Irgens plans to break ground in June on a 60,000-square-foot medical office building in Peoria. the Cigna Medical Group, one of the Valley’s largest multi-specialty group practices, will fully occupy the facility.

Along with office space, Irgens will develop a new urgent care center, a seniors’ activities area and a community garden.

The facility will rise on an 8.7-acre site at the southeast corner of 91st Avenue. and Thunderbird Road, half a mile west of State Route 101. Completion is slated for November 2016.

“The new Cigna Medical Group Sun City Multi-Specialty Health Care Center will be a state-of-the-art facility designed from the ground up with a particular focus on our senior customers’ needs,” said Edward Kim, Cigna’s president & general manager in Arizona, in a statement.

Cigna was represented in the transaction by Jim Bayless of CBRE Group Inc. He noted that the deal is indicative of the Northwest Phoenix market, where a lack of speculative development and of contiguous office and medical office space is increasingly pushing investors toward build-to-suit opportunities.

Rendering Courtesy of Irgens and Cigna


Ironline to Remake Warehouse as Office Space

28 Feb 2015, 3:58 pm

By Liviu Oltean, Associate Editor

841 E. Jefferson Street

Hot on the heels of acquiring a warehouse/showroom in downtown Phoenix for $3 million, Ironline Partners has revealed plans for an adaptive reuse project. The local investment, development and management company plans to transform the property at 841 E. Jefferson St. into an office building.

Ironline plans to add an 11,500-square-foot mezzanine, which will increase the building’s square footage to 60,000 square feet. Also on the agenda are large banks of windows and rolling overhead glass doors to ensure maximum exposure to natural light. Twenty-five-foot high wood-truss ceilings and open-floor plans are also key elements in the makeover.

“Downtown Phoenix has seen significant revitalization over the last several years and adaptive reuse projects like the one planned at 841 Jefferson have played a major part in that revitalization,” noted Bob Karber, an Ironline principal, in a statement.

Kevin Calihan of CBRE Group Inc.’s Phoenix office acted on behalf of Ironline; CBRE will also handle marketing and leasing for the property. Cresa’s Rod Beach and Keyser Commercial’s Kevin Lange represented the seller.

Image Courtesy of Keyser and Cresa

Contest Offers Free Office Space for Startups

23 Feb 2015, 5:42 pm

By Liviu Oltean, Associate Editor

StartupWeek, a five-day event that celebrates entrepreneurship and innovation, is under way in Phoenix and continues through Friday, Feb. 27. In conjunction with the event, Ironline Partners is offering a startup company the opportunity to win 1,200 square feet of free office space for six months at 111 W. Monroe. The winner will also have at its disposal a complete set of office furniture provided by Goodman’s Interior Structures.

Ironline Partners acquired the 50-year old office tower in a joint venture with Rialto Capital Management in April 2014. Their tenant roster includes companies such as Uber, Cannon Design and Mornin’ Moonshine.

“We are thrilled with the entrepreneurial business community finding its way to 111 W. Monroe,” said Ironline Partners’ Tim O’Neil in a statement.  “The restoration is designed to raise the bar for architecturally significant properties in Downtown Phoenix, offering a destination for inspired businesses that demand both institutional grade facilities and a local, boutique experience.”

In order to qualify, startups must apply on 111 W. Monroe’s website by March 1st, where they can also find contest rules, details and restrictions. The winner will be announced in late March.


Leave a Reply