A Class-A office building that is part of the Novus Innovation Corridor has traded hands.
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Scottsdale-based Silver Creek Development acquired a 150K SF office building in Tempe on Jan. 30, according to the Phoenix Business Journal.
The three-story property, formerly named Rio Yards, sits at 1337 E. Rio Salado Parkway, near Tempe Town Lake. It is part of the Novus Innovation Center complex, which is at the center of Arizona State University’s ambitious Novus Innovation Corridor.
The corridor is a 355-acre mixed-use development on land largely owned by the university and adjacent to its Tempe campus. The project, when fully built out, includes a planned 4.5M SF of office and retail space, as well as 1,000 hotel rooms.
Phoenix-based Wentworth Development Co., the developer of Rio Yards, was the seller. Brian Ackerman of Colliers represented Wentworth.
Wentworth originally purchased the site in 2021 after making a ground lease deal with the Arizona Board of Regents and securing a construction loan of nearly $37M from Western Alliance Bank, according to the PBJ.
The building was originally constructed in 2023, complete with an outdoor courtyard and a four-level parking garage. The first floor boasts approximately 43K SF, with the second and third floors featuring 52K SF and 51K SF, respectively.
The Novus project kicked off in 2013 with the construction of the five-tower, 3.5M SF Marina Heights office development. Developers aim to complete the project by 2033.
Silver Creek has reportedly rebranded Rio Yards as Horizon Bay.
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