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.

PHOENIX, ARIZONA – Last month the Arizona Legislature passed the much-needed Colorado River drought plan. However, questions remain as this historic pact faces choppy waters.

The Central Arizona chapter of CCIM, commercial real estate’s global standard for professional achievement, will present a discussion on Arizona’s water rights on Wednesday, March 6, at the Esplanade E-Center, 2501 E. Camelback Rd., Suite 50, Phoenix.

Leading the discussion will be Grady Gammage Jr. Gammage is one of the founders of Gammage & Burnham. His practice has focused on the political aspects of real estate, development, and public policy. As a zoning attorney he has represented dozens of major commercial projects.

Gammage has been at the forefront of urban development in Maricopa County, including deals with such public private projects as the Tempe Town Lake and Arizona’s unique approach to redevelopment incentives. He has also represented cities and towns in revising their development and land use ordinances, and has litigated land use and election issues related to development.

The event begins at 7:15 a.m. with registration and breakfast. (There is a vegan option for breakfast). The program runs from 7:45 to 9 a.m. Registration fee is $40 for CCIM chapter members; $50 for non-members and guests.   Register here.

Learn more about CCIM Central Arizona Chapter: centralazccimchapter.com.

TUCSON, Arizona – A 35,000-square-foot pad at the Bridges sold for $605,323 ($17.29 PSF) by AMPROP Enterprises of Tampa, FL for an 8,000-square-foot Brake Max.  The new Brake Max is expected to have 8-bays when completed near Costco.

Tucson Marketplace at the Bridges is located between Park and Campbell at I-10 and is a 114-acre project that will have approximately 1 million-square-feet of shops, pads, entertainment and anchors when fully built out. It has experienced some exceptional growth this past year.

Costco, Walmart, McDonald’s, Great Clips, Mattress Firm, Sports Clips, Sprint, Verizon, Starbuck’s and Culver’s are there, with a 25,000-square-foot Planet Fitness and a 53,678-square-foot Century Theatre with 14 screens in addition to a 12,550-square-foot Lin’s Chinese Buffet. A 30,000-square-foot Dave & Buster’s and there is a 2,844-square-foot Popeye’s restaurant.  Discount Tire added an additional 7,680-square-feet to the project last year and Brake Max will bring another 8,000-square-feet.

Randy Titzck and Chad Russell of Land Advisors Organization in Phoenix represented the seller, Tucson Retail, LLC of Williamsville, NY in the transaction. Paul Schloss with NAI Horizon in Tucson represented the buyer.

For additional information, Titzck and Russell can be contacted at 480.483.8100 and Schloss should be reached at 520.729.1695.

To learn more, see RED Comp #6546.