Levine Investments Acquires Rio West Business Park In Tempe For $61.5 Million

The transaction involves the sale of a substantial office asset known as the Rio West Business Park, located at 1821 West Rio Salado Parkway, 1921 West Rio Salado Parkway, and 2021 West Rio Salado Parkway in Tempe, AZ. The total sale price was $61,500,000, which translates to approximately $207.31 per square foot for the 296,663-square-foot property.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $61,500,000
• Square Footage: 296,663
• Price Per Square Foot: $207.31
• Buyer: Levine Investments
• Seller: Oaktree Capital Management
• Market: Tempe, AZ

Levine Investments executed the acquisition of the Rio West Business Park from Oaktree Capital Management, representing a strategic investment move within the Arizona office market. This transaction highlights the active interest of Levine Investments in expanding their portfolio through significant commercial real estate purchases.