Rio Yards — located at 1337 E. Rio Salado Parkway in ASU’s mixed-use district — was bought by Silver Creek Development. Wentworth Development Co., the developer behind Rio Yards, was the seller. Brian Ackerman of Colliers represented Wentworth in the sale. Silver Creek has rebranded the property as Horizon Bay.
The Phoenix Business Journal reports Wentworth Property Co. in 2021 struck a ground lease deal with the Arizona Board of Regents for the Rio Yards site. Wentworth then secured a construction loan of up to $36.97 million from Western Alliance Bank in November 2021.
The 150,000-square-foot building near Tempe Town Lake was constructed in 2023. The floor areas range from 43,000 to 52,000 square feet.
Silver Creek has obtained a new $32.355 million loan from Western Alliance. The company is planning some new amenities at the office building, such as a 90-person training room, a 24-person war room, private breakout and phone rooms and a cafe with indoor and outdoor seating.
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