
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.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition