SCOTTSDALE, ARIZONA – Held Properties, Inc. has acquired Raintree Corporate Center I, a 149,424-square-foot Class A office building in the Phoenix, AZ submarket of North Scottsdale.
The red brick-clad, three-story multi-tenant office building is located at 15333 N. Pima Road within the 45-acre master planned office development Raintree Corporate Center. Built in 2001 and renovated in 2017, the building fronts and has direct access to the Loop (101 Freeway) providing easy access to the major employment hubs of Scottsdale, Tempe, Chandler and Downtown Phoenix as well as Phoenix Sky Harbor International Airport. The building features above-market parking at 5.0/1,000 sf via an adjacent four-level secured parking structure.
The property was 91 percent leased at closing with major tenants including Keller Williams, Regus, Academy Mortgage and software firm Attainia
Since entering the Phoenix office market in 2012, the privately held Los Angeles-based real estate investment firm has grown its local portfolio to nearly 500,000 square feet with assets located in Chandler and Tempe.
“Phoenix is one of the most fundamentally sound office markets in the U.S with a diverse employment base led by technology, healthcare, and advance manufacturing,” said President and Chief Executive Officer Robert D. Held. “In spite of the pandemic, it continues to record strong indicators of job and economic growth, fueled by companies migrating from high-cost of living states like California. “We are long-term investors and will continue to look for compelling investment opportunities as we build scale in Phoenix.”
CJ Osbrink and Kevin Shannon of Newmark Knight Frank marketed the property on behalf of the seller, Phoenix-based real estate firm ViaWest Group.
ViaWest Group will continue to manage the property on behalf of the new ownership.