Phoenix – February 21, 2019 – CBRE has arranged the sale of Raintree Office Center, a two-building Class A office complex, located at the southeast corner of the Loop 101 and Raintree Drive in Scottsdale, Ariz. The multi-tenant property commanded a sale price of $16.38 million.
Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham along with Brad Anderson and Michael Strittmatter with CBRE’s Phoenix office represented the seller in the transaction. The buyer is Scottsdale Investment Management, LLC, a real estate development and investment firm that focuses on Phoenix-area office and industrial properties.
Located at 8801 and 8901 E. Raintree Dr., the complex was completed in 2000 and comprises two freestanding buildings totaling 110,914 square feet. The property is 100 percent leased to three high-quality tenants—CVS Health, Dubuque Bank and Trust, and North Valley Surgery Center.
The 10.85-acre site is situated near the Scottsdale Airpark, which encompasses the Scottsdale Airport and is home to several major corporate office users. Nearby retail and dining destinations include Scottsdale Promenade, Scottsdale Quarter and Kierland Commons.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.