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April 17, 2021
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Held Properties Buys Scottsdale Office Property

2/11/21

CA-based Held Properties Inc closed on an AZ office acquisition by purchasing Raintree Corporate Center I, a 149.4k sf, Class A office project in North Scottsdale. The three-story building, located at 15333 North Pima Rd, includes a four-level parking structure.

The building has direct access to the Loop 101 Freeway, is located within ˝ mile of Scottsdale Airport, TPC of Scottsdale Golf Course, home of the world-renowned Phoenix Open and several hotels, restaurants and retail amenities.

The property was sold by ViaWest Group, who acquired both Raintree Corporate Center I & II in 2015 from CW Capital. As part of the business plan, ViaWest spun off the single-tenant Raintree Corporate Center II building in 2016 for $32.1 mil while they focused on enhancing the value of the underperforming multi-tenant Raintree Corporate Center I.

The properties had been in receivership for 3+ years and were struggling economically. ViaWest embarked on a capital campaign to refresh the image of the building, which included building more than a dozen spec suites over four years, ultimately bringing the building to over 90 percent leased.

Held Properties was self-represented. This is the firm’s fourth Arizona-based acquisition and third deal completed with ViaWest Group. 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 500k sf with assets located in Chandler and Tempe.

CJ Osbrink, Kevin Shannon, Ken White, Sean Fulp, Brunson Howard, Paul Jones and Rick Stumm with NKF represented ViaWest Group in the deal. A price was not given out.

“Ownership has done a remarkable job on Raintree Corporate Center I, through tenant retention, rent appreciation, and a recently completed capital improvement program,” noted Osbrink. “This, along with the highly accessible and visible location of Raintree Corporate Center in a preferred and amenity-rich submarket, is what attracted investors to the opportunity. Despite the ongoing pandemic, tenants at Raintree continued to pay rent in full and on time and some have since renewed and expanded.”

The Scottsdale Airpark has a diverse and robust employment base and presents a true live-work-play environment to over 59,000 employees and over 3,200 companies. North Scottsdale is home to major employers including Vanguard, GoDaddy, Republic Services, Merrill Lynch and Discount Tire. According to NKF Research, the submarket’s positive office fundamentals are poised for additional growth. Scottsdale Airpark is the most active submarket in the construction realm with 884.4k sf currently underway.






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