Marina Heights, 300 E Rio Salado Parkway, is the State Farm regional headquarters on the south shore of Tempe Town Lake: about two million square feet of office in five towers, developed as the first phase of Arizona State University's Novus Innovation Corridor on university land. ASU News describes later Novus phases, including Novus Place, as a shift toward multifamily after the office phase. Carvana has also been a Marina Heights tenant. That is the submarket: a lake edge of large office and newer housing on the south side of the water, with Mill Avenue's older retail a few blocks south. It is not a sample loan.
The only Tempe tombstone is a single-tenant dental and medical cash-out of $745,000 in 2022. The card says Tempe. It does not say Rio Salado, Town Lake, or Marina Heights. Putting that dollar on a lake-office page would be false. No other card names Tempe.
Office on the lake is not Mill Avenue retail
A Town Lake office building is underwritten to the tenant roster, the rollover, and whether the campus is one credit or a multi-tenant stack. Life company, a bank, or CMBS are the permanent paths when the cash flow is real. Bridge is a lease-up. We do not quote Marina Heights as if State Farm's lease were a term sheet we can hand to the next sponsor.
Mill Avenue retail is a different Tempe rent roll, smaller shops and restaurants, and it stays on the Tempe retail page. Student housing is not a product line because the university is next door. Apartments that are conventional multifamily can be agency when they qualify. We are not a Fannie Mae DUS lender.
Bank debt, if the building is small enough to portfolio
A bank or credit union is more often the hold for a smaller Tempe building the sponsor occupies than for a lake tower. We arrange that comparison. We are not the bank. The Tempe bank page says the same thing and keeps the dental card unlabeled.
The city hub is Tempe. Office underwriting for the state is Arizona office.
Novus stays on the lake page
The Novus Innovation Corridor is Arizona State University’s district along the south side of Town Lake, the same ground as Marina Heights and the later housing phases. It does not get a second URL. Office on university land and apartments in a later phase are still this lake story, and neither is a Mill Avenue shop. We have not published a Novus closing. The district name is a location, not a tombstone.
Capital along Rio Salado
| Source | When it fits |
|---|---|
| Office | Lake-edge office is an office loan, underwritten to the roster. |
| Multifamily | Novus housing, when it is conventional apartments and the program fits. |
| Tempe bank | Portfolio debt for a smaller Tempe building. We are not the bank. |
| Tempe retail | Mill Avenue is not Marina Heights. |