Raintree Corporate Center II Photo by Cassidy Turley
Raintree Corporate Center purchased for $52M
The Raintree Corporate Center, near Frank Lloyd Wright Boulevard and Loop 101, was purchased for $52 million by ViaWest Group in a joint venture with Connecticut-based Contrarian Capital Management.
The purchase was executed through Auction.com, and included two buildings that total about 300,000 square feet.
Raintree Corporate Center I, at 15333 N. Pima Rd., is a multi-tenant building with several notable tenants, including Keller Williams Arizona Realty, Academy Mortgage, Regus, Wells Fargo and others.
And Raintree Corporate Center II, at 15111 N. Pima Rd., is an ideal single-tenant investment, as it is leased to leading global investment management firm The Vanguard Group on a long-term lease. The Seller, CW Capital, was represented in the sale by Will Sledge and Kyle Kaminski of Mission Capital Advisors, LLC.
The property is currently 85 percent occupied. Each building is three stories and has an adjacent four-story parking garage. The properties were built in 2002 and 2004, and were foreclosed on in 2010. CW Capital has been the asset manager since then.
This acquisition came at the end 2015, ViaWest also purchased the Biltmore Financial Center, in Phoenix, for $163.1 million in July, in addition to seven other office, industrial, and land acquisitions of approximately $35 million.
ViaWest Group increased its portfolio by nearly 1,500,000 square feet during 2015.
“Raintree Corporate Center is a true Class A product, with great freeway visibility and access, making it an ideal location for North Scottsdale office tenants who pull employees and visitors from throughout the Valley. We are pleased to be able to finish 2015 strong and are looking forward to bringing our proactive management and leasing expertise to the property,” said Gary Linhart, founding partner at ViaWest Group.
Sean Spellman, Jeff Wentworth, Mike Beall, and Chris Walker of Cushman & Wakefield have been hired as the leasing agents for the property.
Phoenix Design One will be the architect responsible for building updates and spec suites. ViaWest Group intends to hold the property for investment and will serve as the property manager and asset manager.