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Wolff Pays Nearly $39M for Business Park

TEMPE, AZ-Suncor Development Co. pockets about $204.26 per sf for the 18-month-old, three-building, 188,485-sf office complex.

By Alex Finkelstein | Updated on November 02, 2006

TEMPE, AZ-The Wolff Co., a third-generation, Scottsdale-based family business, has acquired the first phase of Rio West Business Park in suburban Phoenix from Suncor Development Co. for $38.5 million or about $204.26 per sf. Seattle-based Leavitt Capital Cos. partnered with Wolff on the deal.

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.

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