Held Builds Scale in Phoenix with Raintree Corporate Center Buy
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% 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 advanced 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 marketed the property on behalf of the seller, Phoenix-based ViaWest Group. ViaWest will continue to manage the property on behalf of new ownership.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).