The recently developed Rio Yards office project in Tempe has been sold and will be renamed Horizon Bay by the new owner, Silver Creek Development of Scottsdale, Arizona. The property is located at 1337-1357 E. Rio Salado Pkwy. adjacent Arizona State University (ASU).
The sale price has not been publicly disclosed.
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“Horizon Bay is a standout Class A office property in a top location,” said Brian Ackerman, Executive Vice President at Colliers. “The building’s location near ASU and in the heart of Tempe is extremely appealing for corporate headquarters, institutional tenants, and anyone in between. Quality buildings within a short distance of the ASU ecosystem provide access to skilled talent, both part-time and full-time students, and nearby amenities. This project is well-positioned to benefit from growing demand for modern office space in this dynamic submarket.”
“This acquisition represents a unique opportunity in one of the most desirable submarkets within Greater Phoenix, and more specifically in the country,” said Charles Essig, Principal at Silver Creek Development. “Horizon Bay is ripe for a repositioning and ready for lease. Our team is excited to work closely with ASU and attract the most strategic tenants. This asset is additive to the Silver Creek portfolio and further supports our investment in the Class A office sector.”
Horizon Bay is a three-story Class A office building containing 147,495 square feet on a 7.75-acre site within the Novus Innovation Corridor. Constructed in 2023, the sale also included a three-story parking garage accommodating 710 vehicles, in addition to 210 surface parking spaces.
The property is directly across from South Pier, a mixed-use multifamily and retail development under construction, and is located just down the street from Tempe Marketplace, one of the region’s premier retail destinations.
The transaction was handled by Brian Ackerman of Colliers and Pat Boyle, Jim Bayless, and Ashley Brooks of CBRE will manage tenant leasing and build-out initiatives.
Property Management is being handled by the Stream Realty team led by Tiffany Winnie.
