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Oaktree, Cypress Claim Scottsdale Office Asset for $92M

Raintree Corporate Center, an institutional-quality, 345,417-square-foot office project in Scottsdale, AZ, was acquired by funds managed by Oaktree Capital Management, L.P. and San Diego-based Cypress Office Properties for $91.7 million.

Built in 2007-2008 and located on nearly 12 acres at 8800 and 8888 East Raintree Dr., the asset consists of two, three-story, multi-tenant office buildings featuring a six-level parking garage and on-site amenities including a deli/restaurant and fitness center.

NKF’s CJ Osbrink, Kevin Shannon, Ken White, Brad Burton and Paul Jones represented the seller, Equus Capital Partners. The buyers were self-represented.

Osbrink says, “Raintree Corporate Center offered new ownership an opportunity to acquire a highly-amenitized and institutionally-owned and managed office project with attractive going in yields and realistic short-term and long-term embedded value.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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