By Hailey Mensik | Phoenix Business Journal (abridged)
A 179,360 square-foot Class A office building in Scottsdale sold for $70,710,891 on Oct. 24, marking the priciest single-building office sale in Phoenix so far this year.
The property, called Axis Raintree, traded hands from Trammell Crow Company to an entity tracing to Douglas Reagan Horton, manager of Horton Family Office and son of Donald R. Horton, who founded Texas homebuilding giant D.R. Horton, according to Maricopa County property records.
Trammell Crow Company partnered with PGIM Real Estate to develop and deliver the three-story building in 2022, which has a Press Coffee location, a 5,000 square-foot outdoor amenity space and a training room. It sits on 5.12 acres and is located at 8605 E. Raintree Drive, right off the Loop 101.
The Scottsdale Airpark area is one of the top performing office submarkets in the state, leading in office sales volume this year with nearly $200 million in transactions, according to Connor Devereux, director of market analytics for CoStar Group/Homes.com.
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