Raintree Corporate Center Building I

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Raintree Corporate Center Building I INVESTMENT OPPORTUNITY RAINTREE CORPORATE CENTER BUILDING I 8980 East Raintree Drive Scottsdale, AZ A premier multi-tenant office investment situated within the in the Scottsdale Airpark, the second largest employment center in Arizona INVESTMENT CONTACTS CAPITAL MARKETS ERIC WICHTERMAN Executive Managing Director +1 602 224 4471 [email protected] MIKE COOVER Managing Director +1 602 224 4473 [email protected] 2 / 8980 East Raintree TABLE OF CONTENTS 01 OFFERING SUMMARY 04 02 EXECUTIVE SUMMARY 8 03 PROPERTY OVERVIEW 18 04 AREA OVERVIEW 26 05 MARKET INFORMATION 42 06 FINANCIAL ANALYSIS 50 / 3 01 OFFERING SUMMARY 4 / 8980 East Raintree / 5 THE OFFERING PROPERTY OVERVIEW Raintree Corporate Center Single-story freestanding office building in north Scottsdale. Building I Prominently situated along 90th Street, just north of Raintree Drive. 8980 East Raintree Drive in Scottsdale Arizona 85260 Parking is provided at a ratio of ±4 spaces per 1,000 square feet. NET RENTABLE AREA YEAR BUILT Attractive modern curb appeal. ±7,561 1999 Constructed in 1999 using decorative masonry block with steel accents. SQUARE FEET Ideally designed to accommodate small sized tenants that dominate the PARKING RATIO OCCUPANCY market. WITHIN COMPLEX 100% ±4:1,000 JOMAX ROAD DEER VALLEY HAPPY VALLEY ROAD HAPPY VALLEY ROAD PHOENIX DEER VALLEY MUNICIPAL AIRPORT PINNACLE PEAK ROAD PINNACLE PEAK ROAD PEORIA DEER VALLEY ROAD DESERT RIDGE M AY UNION HILLS DRIVE O B OULEVARD BELL ROAD 32ND STREET 32ND 40TH STREET CAVE CREEK ROAD CAVE SCOTTSDALE AIRPORT GREENWAY ROAD GREENWAY ROAD FRA N K LL TATUM BOULEVARD TATUM O Y D W THUNDERBIRD ROAD RIGH THUNDERBIRD ROAD T BO U L E V PHOENIX A RD CACTUS ROAD CACTUS ROAD SCOTTSDALE PEORIA AVENUE SHEA BOULEVARD 56TH STREET OLIVE AVENUE DOUBLETREE RANCH ROAD PARADISE NORTHERN AVENUE VIA DE VENTURA VALLEY INDIAN BEND ROAD SALT RIVER PIMA LINCOLN DRIVE MARICOPA INDIAN 43RD AVENUE 43RD COMMUNITY GLENDALE CAMELBACK ROAD CHAPARRAL ROAD 7TH AVENUE AVENUE CENTRAL 7TH STREET DOWNTOWN 27TH AVENUE INDIAN SCHOOL ROAD MIDTOWN SCOTTSDALE PIMA ROAD PHOENIX THOMAS ROAD 16TH STREET 51ST AVENUE 51ST MCDOWELL ROAD 44TH STREET 48TH STREET SCOTTSDALE ROAD SCOTTSDALE 68TH STREET DOWNTOWN ROAD HAYDEN PHOENIX SKY HARBOR 6 / 8980 East RaintreePHOENIX INTERNATIONAL AIRPORT RIO SALADO PARKWAY LOCATION AND AMENITIES Located within north Scottsdale’s prestigious Scottsdale Airpark submarket, PRICE the second largest employment center in Arizona. $1,600,000 Thriving upscale nearby retail amenities with Kierland Commons, Scottsdale Quarter, Scottsdale Promenade and Scottsdale Towne Center all located within a five minute drive. IN-PLACE CAP RATE Immediate trade area houses many of the Valley’s finest apartment and condominium properties, as well as affluent residential neighborhoods such ±7% as Silverleaf, DC Ranch, McDowell Mountain Ranch, Troon and Estancia. Excellent freeway access provided by the Loop 101, approximately one-half mile west of the Property. Scottsdale Municipal Airport lies approximately one mile west and is the highest profile private airport in the Valley for private and corporate Situated in clientele. the Scottsdale Airpark, which INVESTMENT HIGHLIGHTS Rare opportunity to acquire a superbly constructed and highly attractive ranks third out multi-tenant office building located in the heart of one of the foremost office locations in Arizona. of 22 Valley The combination of this prime location, with a close proximity substantial submarkets with nearby retail amenities; and coupled with its first class status as a business address, provide long term investment viability. respect to office Situated in the Scottsdale Airpark, which ranks third out of 22 Valley submarkets with respect to office net absorption since 2013. net absorption Superb access to a high-quality Scottsdale labor pool, nationally known for since 2013. its dense, upscale and highly-educated population. / 7 02 EXECUTIVE SUMMARY 8 / 8980 East Raintree / 9 EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS THE PROPERTY • 100% occupied Multi-tenant office property located within the Raintree Corporate Center, in north Scottsdale. • Modern architecture and curb appeal. • Configured for multi-tenant use, functional and efficient floor plans accommodate small tenants. • ±7,561 SF constructed in 1999. THE SITE • Masonry construction. • Prime location within the prestigious Scottsdale Airpark. • Located along 90th Street just north of Raintree Drive. • Breathtaking views of adjacent McDowell Mountain Park and Preserve. • A total of eight (8) covered reserved parking spaces, P185 -P192 are allocated to the Property. Surface parking is first come first served with a total advertised complex ratio of 4:1,000 square feet. • Excellent freeway access with the Loop 101 Freeway lying approximately one-half mile to the west. 10 / 8980 East Raintree UNPARALLELED RETAIL AMENITIES SURROUND THE PROPERTY • With respect to premier retail destinations, Kierland Commons, The Scottsdale Quarter, The Promenade, Sonora Village and Scottsdale Towne Center comprise the bulk of surrounding retail amenities. • Dozens of popular restaurant concepts surround the Scottsdale Airpark Corporate Center including: True Food, Zinburger, Mastro’s Ocean Club, Dominick’s Steakhouse, P.F. Chang’s, Cheesecake Factory, Sol Mexican Cocina, O.H.S.O., Wildflower, Panera Bread, Pei-Wei and Shake Shack. • Large scale retailers such as Best Buy, Target, Kohl’s, Costco, Ross, T.J. Maxx, Home Depot, Staples and Walmart Supercenter are in the immediate vicinity. • Kierland Commons is a true destination location for retail amenities, housing upscale retailers such as Victoria’s Secret, Crate & Barrel, Anthropology, Sur La Table and Michael Kors. • Notable tenants of Scottsdale Quarter include: an Apple Store, Nike, Restoration Hardware, West Elm, Pottery Barn, True Food and H&M. / 11 EXECUTIVE SUMMARY SCOTTSDALE AIRPORT SCOTTSDALE AIRPARK SUBMARKET • Scottsdale Municipal Airport lies less • The Scottsdale Airpark is one of the • Major employers include ST than one-mile east of the Property and is premier office submarkets in the Valley Microelectronics, Eide Bailly, PayPal, undergoing a $27M renovation. with respect to affluence, amenities and Prudential Insurance, Vanguard, Mass • One of the busiest single-runway employment. Mutual, Pulte Homes and Thompson facilities in the country with more than • With over 17.4 million SF of office and Reuters, GoDaddy, Allied Waste, Liberty 615 general aviation flights a day. industrial space the Scottsdale Airpark is Mutual, Taser International and Discount Tire Company. • Approximately 450 private aircraft are the second largest employment pool in based at Scottsdale Airport. the greater Phoenix area. • The average office asking rates in the Scottsdale Airpark submarket grew by • Scottsdale Airport is considered the • North Scottsdale businesses range over 6% over the past three years—a premier airport in the Valley in terms of from Fortune 500 companies to sole firm indication of the intense demand prestige amongst private and corporate proprietors and represent over 80 office users have for the area. clientele. different business categories. Scottsdale Airport is considered the premier airport in the Valley in terms of prestige amongst private and corporate clientele. 12 / 8980 East Raintree Major corporations are located in the Scottsdale Airpark include: Pay Pal, Prudential Insurance, Vanguard, Mass Mutual, Pulte Homes and Thompson Reuters, Go-Daddy, Allied Waste, Liberty Mutual, Taser International and Discount Tire Company. SCOTTSDALE’S UPSCALE DEMOGRAPHICS AND RESIDENTIAL NEIGHBORHOODS $11.5 M $8.0 M $7.3 M 3.0 M $9.5 M $4.8 M $4.9 M $4.0 M $8.0 M $7.4 M • The City of Scottsdale’s annual $1.8 M $1.6 M $3.7 M $3.0 M $5.5 M $2.7 M $1.4 M $3.9 M $1.0 M $1.6 M $1.7 M $1.7 M household income of $109,302 is $2.5 M $3.4 M $1.9 M $3.5 M $1.1 M $2.5 M $2.4 M $1.9 M $10.0 M $5.8 M amongst the highest in the country. $1.8 M $2.0 M $1.6 M $1.8 M $1.5 M $2.1 M $1.2 M $1.4 M • Several of north Scottsdale’s premier TPC SCOTTSDALE $1.8 M CHAMPIONS $1.1 M $1.5 M GOLF COURSE $1.0 M high-end residential communities $1.2 M $1.4 M $1.5 M $1.0 M $1.1 M $1.1 M are directly north and east of the Property, offering immediate access to tremendous density and wealth. • These include: DC Ranch, Silverleaf, 90TH STREET McDowell Mountain Ranch, Grayhawk, Estancia and Troon. • Homes in these neighborhoods range in pricing from $650,000 to over $10,000,000. RAINTREE DRIVE / 13 03 PROPERTY OVERVIEW 14 / 8980 East Raintree / 15 PROPERTY OVERVIEW LAND SITE SUMMARY 8980 East Raintree Drive ADDRESS Scottsdale, AZ Two (2) points of access both along ACCESS Raintree Circle Drive LAND TO BE N/A Condo Plat CONVEYED PARCEL 217-15-953 ZONING I-1, City of Scottsdale. A total of eight (8) covered reserved parking spaces, P185 -P192 are allocated to the Property. Surface PARKING parking is first come first served with a total advertised complex ratio of 4:1,000 square feet. 16 / 8980 East Raintree BUILDING SPECS PROPERTY SIZE ±7,561 square feet. COMPLETION 1999 Foam roof. Includes 15-year limited silicone ROOF warranty. MECHANICAL 12 heat pumps. CEILING HEIGHT 9’ from the floor to the grid ceiling. Electrical service is provided by multiple ELECTRICAL service panels with 110/220/440 service. Sprinklers are throughout the office FIRE PROTECTION building and serviced/radio monitored by Safe Guard Fire monitoring group. Common area restrooms located inside REST ROOMS the building. / 17 PROPERTY OVERVIEW Site Plan Overview - The Subject is 8980 East Raintree Drive 8980 1 Story East Oce Raintree Bldg K 1 Story 1 Story Oce Oce Bldg H Bldg L ARIZONA STATE ROUTE 101 1 Story Oce Bldg G N 90TH ST 90TH N 1 Story Oce Bldg F N PIMA RD N PIMA RD 1 Story Oce Bldg E PIMA FWY 1 Story Oce 1 Story Bldg A 1 Story Oce 1 Story Oce Bldg B Oce Bldg C Bldg D RAINTREE CIR DR CIR RAINTREE E RAINTREE DR E REDFIELD RD NORTH 18 / 8980 East Raintree Floor Plan 130 100 Restrooms Kitchen Restrooms Kitchen 120 110 / 19 04 AREA OVERVIEW Nearby SCOTTSDALE QUARTER and KIERLAND COMMONS AREA OVERVIEW NORTH SCOTTSDALE UPSCALE RESIDENTIAL Quarter—both massive, award-winning open- The Promenade: With more than 75 stores air lifestyle centers.
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