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**Tempe Office Park Trades for $61.5 Million**
Oaktree Capital Management has sold a Tempe office park for $61.5 million to a group led by investor Andrew Cohn. The property, which spans nearly 300,000 square feet, was built in two phases in 2005 and 2007. At the time of the sale, it was nearly 100% leased.
The transaction was financed with $61 million in new private debt provided by Verde Investments Inc., a firm known for owning high-profile properties in Arizona, including the former Fiesta Mall site that it is currently marketing for sale.
Andrew Cohn is also a key player at Levine Investments, a firm that holds and manages approximately 15,000 acres of land statewide. Among its holdings is the former GM Proving Grounds in Mesa.
In recent notable transactions involving Levine Investments, two of its entities sold 173 acres to Tokyo-headquartered NTT Data Group Corp. for $300 million in March 2024. NTT plans to develop a data center on the site. Earlier, in January 2024, Denmark-based DSV Air and Sea Inc. acquired 87 acres of the former proving grounds for $46 million.
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