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2/21/19
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A fund managed by Los Angeles-based Oaktree Capital Management L.P. purchased Rio West Business Park, a five-building, 296.7k sf property in Tempe, AZ, for $63.35 mil ($214/sf). The property, located at 1621-2021 W. Rio Salado Pkwy, was sold by a joint venture of the principals of The Wolff Company and Leavitt Capital Companies of Seattle.
Rio West Business Park is located in the Rio Salado corridor in north Tempe. The property is 100% leased, with four of the five buildings occupied by the world’s largest airline—American Airlines.
Tracy Cartledge, Steve Lindley and Bob Buckley of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller. According to Cartledge, Rio West Business Park provided the buyer with exceptional investment security from the American Airlines anchor tenancy in an irreplaceable, institutional-quality location.
Tempe has been the fastest growing office submarket in Metro Phoenix over the last five years and among the hottest in the country. The Rio West Business Park is located just over a mile from Arizona State University, two minutes from downtown Tempe’s Mill Avenue district, and four minutes to the Loop 202 and State Route 143.
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