Ethika Investments Allocates Capital for Acquisition of Scottsdale Trophy Office Building

-- Currently 76% leased, Class-A building located in most desirable area of Phoenix --

News provided by

Mar 23, 2015, 01:02 ET

SCOTTSDALE, Ariz., March 23, 2015 /PRNewswire/ -- Ethika Investments, LLC, a U.S.-based real estate private equity firm, has allocated capital for the acquisition of the Canyon Village office park in Scottsdale, Arizona. Ethika's affiliate, Laurus Corporation, a real estate investment and development firm, recently completed the acquisition of the 5.6-acre property.

Ethika Investments Allocates Capital for Acquisition of Scottsdale Trophy Office Building.

The modern stucco development of Canyon Village consists of a 93,890-square-foot Class-A office development housed in four buildings and features a 289-car parking garage. Located in the DC Ranch mixed-use development, Canyon Village houses office, retail and restaurant tenants and is currently 76 percent leased. Technology, real estate development, fitness, restaurant and service businesses make up a large part of the business environment of the surrounding area.

Scottsdale is the most affluent submarket in Phoenix and serves as home to major employers including McKesson, the Mayo Clinic, General Dynamics, CVS/Caremark, Go Daddy Group, Vanguard Group, Scottsdale Insurance and Henkel. Resorts and hotels in Scottsdale attract more than 7.5 million visitors a year and provide an economic impact of more than $3.1 billion. Phoenix is the 13^th largest metropolitan area in the country and is expected to grow 58 percent by 2030. Forbes magazine recently named Phoenix as one of the fastest-growing cities in America.

Canyon Village is about five minutes from the Loop 101 Pima Freeway, the primary Scottsdale access freeway for people living or working in the neighboring communities. The nearby Sterling at Silverleaf residential community boasts multi-million dollar homes and award-winning recreational facilities.

"Ethika's allocation into Canyon Village demonstrates our ability to spot value-add opportunities in otherwise thriving markets featuring robust demand generators and strong fundamentals," said Austin Khan, Chief Investment Officer of Ethika Investments. "The Phoenix area is among the nation's fastest in job growth and is showing resurgence in key industry sectors for office demand such as financial services, technology, health care and education. Our property has a fantastic amenity base which makes it attractive for tenants looking to enter or expand in the market."

"Canyon Village is located in the sought after Scottsdale Airpark submarket which is the second largest employment center in Arizona boasting approximately 48,000 employees in more than 2,000 businesses," added Talal Elass, Vice President of Fund Management of Ethika Investments. "The area enjoys constant and consistent demand for office space and has seen four straight years of positive net absorption."

Canyon Village is located at the corner of Thompson Peak Parkway and Legacy Boulevard in Scottsdale, Arizona.

Ethika Investments is a real estate private equity firm formed to provide investors access to a unique platform by tactically investing in opportunistic real estate assets primarily in the United States. It is affiliated with Laurus Corporation, a real estate investment and development company that specializes in hotel & resorts, office buildings, multifamily and mixed-use properties.

Ethika Investments
1880 Century Park East, Suite 1016
Los Angeles, CA 90067
Phone: (310) 277-8600
Fax: (310) 362-0353
www.ethikainvestments.com

Photo - http://photos.prnewswire.com/prnh/20150323/183748

Logo - http://photos.prnewswire.com/prnh/20130815/LA64837LOGO-b

SOURCE Ethika Investments, LLC