The holding, which had been owned by Joe Cook and Devin Warren, is located at 9360 E. Raintree Dr. The 90%-occupied building has brought more than $190 per sf.
The office building is at the northwest corner of Raintree Drive and Thompson Peak Parkway, about a half mile east of the Pima Freeway section of Loop 101. The Scottsdale Airpark is about two miles to the west.
Office space in north Scottsdale is among the most sought after in the Valley. Every market has seen demand slow as the economy has dimmed, but at least north Scottsdale continues to experience positive absorption. During the second quarter, the area had a net absorption of more than 115,000 sf of office space. The submarket's office vacancy rate is 11.2%, the lowest rate in the Valley , which bears a 15.2% average. When sublease space is included, the Valley's actual vacancy rate is closer to 18%.
Gregory Bryan of the Tempe office of Focus Real Estate Group represented the seller. Ray Castillo of Airpark Property Specialists' Scottsdale office acted for the Scottsdale-based buyer.
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