A foreclosure auction has been scheduled for River Corporate Center, a 133,225-square-foot office building within ASU Research Park in Tempe. An affiliate of Rialto Capital Management has moved to foreclose on the property, located at 8075 S. River Parkway in the park’s tech-focused, 2.2 million-square-foot campus. The move follows a period of payment delinquency tied to the property, according to published reports.
River Corporate Center sits inside ASU Research Park, a master-planned business environment that houses a range of technology and corporate users. Among the park’s major tenants is Avnet Inc., a publicly traded electronics company that has relocated its global headquarters to the campus. The specific tenancy structure at River Corporate Center itself is not detailed, but the building is described as part of the broader research and technology ecosystem at the park.
Oaktree Capital Management obtained a ground lease interest in River Corporate Center in 2015. Since then, the ground lessee has reportedly fallen behind on mortgage obligations secured by the property. Separate reporting from The Phoenix Business Journal indicates that loan payments tied to the asset have been delinquent since March 2025, setting the stage for a formal foreclosure process.
As financial performance deteriorated, the property was placed under court supervision. A receiver was appointed in August 2025 to oversee day-to-day operations and stabilize the building during the workout period. The receiver’s role includes managing the asset while foreclosure proceedings advance and coordinating with the parties involved in the capital stack.
The two-story office building was originally constructed in 1998. Interior program details include 775 workstations, 15 conference rooms, 32 huddle rooms and 31 phone rooms, underscoring its design as a contemporary, collaboration-oriented workplace. While the current occupancy level and tenant roster for River Corporate Center are not specified, these features position the building to serve large-format office users within the research park setting.
Marketing efforts are underway ahead of the foreclosure sale. Transwestern has been retained to market River Corporate Center to prospective buyers, with the expectation that new ownership could reposition or stabilize the asset following the auction. The engagement of a third-party brokerage is intended to broaden investor visibility for the property as it moves through the distressed sale process.
The public foreclosure auction is scheduled for December 2 at 11:30 a.m. The sale will take place at the Maricopa Superior Court Building, located at 201 W. Jefferson Street in Phoenix. The notice of sale and auction timing provide a formal path toward resolving the outstanding loan delinquency and transferring control of the asset to a new owner, subject to bidding activity and court procedures.
Key financial terms related to the loan and anticipated pricing for the foreclosure sale have not been disclosed. No guidance has been provided on the expected proceeds, reserve price, cap rate, or current rent roll associated with the asset. Similarly, details on the identity of the lender behind the foreclosure action, as well as any potential stalking-horse bidder or pre-auction marketing feedback, remain undisclosed in the available information.
