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1/12/16
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A joint venture between ViaWest Group and Contrarian Capital Management, of Greenwich, CT, purchased Raintree Corporate Center Phases I & II, a two-building, 300k sf office asset in Scottsdale, AZ, for $52 mil ($173/sf). The property was sold by CW Capital through Auction.com.
Constructed in 2002 and 2004, the buildings are located at 15111 and 15333 N. Pima Rd, adjacent to Loop 101 at Frank Lloyd Wright Blvd. Each building is three stories and has an adjacent four-story parking garage. The property is currently 85% occupied.
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. 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 buildings were foreclosed on in 2010. CW Capital has been the asset manager since that time. They were represented in the sale by Will Sledge and Kyle Kaminski of Mission Capital Advisors LLC.
Sean Spellman, Jeff Wentworth, Mike Beall, and Chris Walker of Cushman & Wakefield have been retained 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.
This acquisition came at the end of a very active 2015 for ViaWest Group, which included the purchase of Biltmore Financial Center for $163.1 mil in July, in addition to seven other office, industrial, and land acquisitions of approximately $35 mil. ViaWest Group increased its portfolio by nearly 1.5 msf during 2015.
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