The 18-month-old, three-building, 188,485-sf office campus is 100% leased to US Airways Inc. which occupies 147,673 sf, and Monster Worldwide Inc., which rents 40,812 sf. JPMorgan provided a $30.8-million loan to finance the acquisition. CBRE|Melody brokered the transaction.

Wolff principal Fritz H. Wolff says his firm did the deal at this time because Tempe is "growing rapidly in one of the most dynamic markets in the country." He says the class A Rio West property is "the kind of well-positioned, quality development that will hold its own for many years to come."

For the locally based Suncor, the $204.26-per-sf price attained for Rio West represents one of the highest per-sf prices recorded this year for a business park asset in the West Valley area, according to local retail brokers. In August 2005, Suncor sold the seven-year-old, 83,971-sf Palm Valley Office Park in Goodyear to LJM Investments of Scottsdale for $18.6 million or $221.50 per sf, as GlobeSt.com previously reported.