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Rio Yards, located at 1337 E. Rio Salado Parkway in Arizona State University’s mixed-use district, has been acquired by Silver Creek Development. The seller was Wentworth Development Co., the original developer of Rio Yards. Brian Ackerman of Colliers represented Wentworth in the transaction. Silver Creek has rebranded the property as Horizon Bay.
According to the Phoenix Business Journal, Wentworth Property Co. entered into a ground lease with the Arizona Board of Regents for the Rio Yards site in 2021. Later that year, in November 2021, Wentworth secured a construction loan of up to $36.97 million from Western Alliance Bank.
The 150,000-square-foot building, located near Tempe Town Lake, was completed in 2023. Individual floor plates range from 43,000 to 52,000 square feet.
Silver Creek has now obtained a new $32.355 million loan from Western Alliance. The company plans to add several amenities to the office building, including a 90-person training room, a 24-person war room, private breakout and phone rooms, and a café with both indoor and outdoor seating.
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