SCOTTSDALE, AZ-Walker Family Trust of Kent, WA has beat out 11 other offers for the fully leased, class A Raintree Office Center. The buyer paid $21.1 million for the 111,206-sf asset, using 1031 exchange money and assuming its existing debt.

Glenn Smigiel, senior vice president in CB Richard Ellis' Phoenix office, says the Walker Family Trust was a good match for Byxbee Development Partners of Scottsdale, which developed the asset at 8801-901 E. Raintree Dr. in 2000. He says the buyer's track record in Phoenix helped too. “They were in an exchange and their funds matched up nicely with the cash-to-mortgage requirement on this,” says Smigiel, who brokered the transaction with CBRE first vice presidents Robert L. Young and Steven M. Brabant, senior vice presidents Brad Anderson and Luke Walker and vice president Richard W. Abraham.

Smigiel tells GlobeSt.com that the center offers positive upside for the new owner because the rents currently in place are significantly below market and leases rolling for the next two to five years. He points out that the center, which is on 10.8 acres, is surrounded by new office developments that are going up at a higher cost per-sf-basis and will be charging higher rents as a result.