As long-term investors, Held Properties Inc. will continue to look for compelling investment opportunities as the firm builds scale in Phoenix, says its president/CEO Robert Held. Its latest acquisition, Raintree Corporate Center I, backs that strategy.
The purchase price was undisclosed for the 149,424-square-foot class-A office building in North Scottsdale. The red brick-clad, three-story multi-tenant office building is located at 15333 N. Pima Rd. within the 45-acre master-planned office development Raintree Corporate Center.
Built in 2001 and renovated in 2017, the building fronts and has access to the Loop (101 Freeway). The property was 91 percent leased at closing with major tenants including Keller Williams, Regus, Academy Mortgage and software firm Attainia.
“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 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.”
CJ Osbrink and Kevin Shannon of Newmark Knight Frank marketed the property on behalf of the seller, Phoenix-based ViaWest Group. ViaWest will continue to manage the property on behalf of new ownership.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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