Cushman & Wakefield Negotiates Sale to Los Angeles-based Investor
PHOENIX, Arizona – Cushman & Wakefield announced that a fund managed by Los Angeles-based Oaktree Capital Management, L.P. (“Oaktree”) purchased Rio West Business Park, located at 1621-2021 W. Rio Salado Parkway in Tempe, Ariz. A joint venture of the principals of The Wolff Company, a Scottsdale-based fully-integrated real estate equity firm, and Leavitt Capital Companies of Seattle, sold the property for $63.35 million.
Tracy Cartledge, Steve Lindley and Bob Buckley of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.
Rio West Business Park is a five-building, 296,663-square-foot office campus located in the Rio Salado corridor in north Tempe. The property is 100 percent leased, with four of the five buildings occupied by the world’s largest airline—American Airlines.
“The Rio West Business Park purchase provided the buyer with exceptional investment security from the American Airlines anchor tenancy in an irreplaceable, institutional-quality location,” said Cartledge.
Mark Jacobs, Managing Director and Co-Portfolio Manager of the Oaktree Real Estate Income strategy added, “Rio West is the desirable asset profile we look for when deploying capital in our real estate strategy – high- quality stable tenant base, modern office product without competition from new supply, and located in one of the best submarkets within a high growth market in which we have significant investment experience.”
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 St ate Route 143.