Raintree Corporate Center was built in 2007 and 2008. It is currently 51 percent occupied and serves as headquarters to Meritage Homes, one of the largest public homebuilders in the United States. This upscale property is situated in a prime central location on Loop 101 just north of Shea, providing easy access and excellent visibility and exposure. Each L-shaped building offers expansive common areas with upscale finishes and floor plates that allows for maximum flexibility in layout and design. Raintree Corporate Center’s on-site amenities include a 3,000± square-foot conferencing center and a multi-level parking garage which offers an above-market parking ratio of 5 parking spaces per 1,000 square feet, as well as ample surface parking for clients and guests. In addition to its breathtaking mountain views, the amenity-rich office complex is just minutes from a variety of nearby resorts, hotels, golf courses, wide range of restaurants and retail stores, and is only 3 miles from the Scottsdale Municipal Airport.
“We are thrilled to be partnering with iStar on a trophy office asset in the Scottsdale market. We look forward to implementing our business plan and re-introducing the property to the brokerage community,” said Jonathan Praw who oversaw the transaction for the firm. Praw who is Vice President and Head of West Coast Operations for Equus is based in the firm’s Los Angeles office.
“We are excited to partner with a highly respected group like Equus. The joint venture allows us to capitalize on market and property-level improvements during our period of ownership, and align ourselves with a best in class owner as we lease-up the project to full stabilization” said David Sotolov, Senior Vice President and Head of West Coast Investments, who oversaw the transaction for iStar.
Bryan Taute with CBRE’s Phoenix office and Kevin Shannon and Brad Burton with CBRE’s El Segundo office headed the negotiations on the transaction between Equus and iStar. Bryan Taute has also been appointed to spearhead leasing and marketing activities for the property.
This joint venture was made on behalf of Equus Investment Partnership X, L.P., a discretionary fund managed by Equus, and marks the Fund’s first commercial investment. Affiliates of Equus also own Scottsdale Financial Center I, a 106,000 square-foot office building, Scottsdale Gateway I, a 106,931 office building, and 92 Mountain View, a 116,200 square-foot office building, in the Scottsdale area.
About Equus Capital Partners, Ltd.
Equus Capital Partners, Ltd. (“Equus”), is one of the nation’s leading private equity real estate fund managers. Equus’ portfolio consists of over 24 million square feet of office, retail, and industrial properties and nearly 16,000 apartment units in over 60 multi-family communities located throughout the United States. The firm is headquartered in the Philadelphia area, with a principal office in Yardley, PA, and with offices in Philadelphia, Los Angeles, Chicago, Washington D.C., Boston, Atlanta, and Raleigh-Durham. For additional information, please visit the company’s website at www.equuspartners.com.
For additional information about the company, please contact: Joseph G. Nahas, Jr., Senior Vice President (215) 575-2363 or visit www.equuspartners.com
For additional information about the property, please contact: Jonathan B. Praw, Vice President (310) 725-8435 or firstname.lastname@example.org