ViaWest Group, in a joint venture with Contrarian Capital Management, of Greenwich, CT, added to its already expansive portfolio of office and industrial properties with its acquisition of Raintree Corporate Center Phases I & II (15111 and 15333 N. Pima Rd., Scottsdale, AZ). The $52 million purchase was executed through Auction.Com, and includes two buildings totaling approximately 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. 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% 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 that time.
This acquisition came at the end of a very active 2015 for ViaWest Group, which included the purchase of Biltmore Financial Center, considered the premier address for business 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,” says 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.