PHOENIX — The University of Phoenix has completed a $170 million sale-leaseback of its headquarters campus, located within Phoenix's Riverpoint submarket. The buyer was local REIT Cole Real Estate Investments.
The University of Phoenix campus, which is owned by the school's parent company, Apollo Group, is located two miles south of Phoenix Sky Harbor Airport and four miles southeast of downtown Phoenix. The campus comprises three mid-rise office towers totaling approximately 600,000 square feet as well as two parking decks. It was constructed as a build-to-suit for the school in 2007 and was renovated in 2008. The school occupies the facility on a 20-year, triple-net lease that expires in 2031.
Bill Broms and Robert Micera provided in-house representation on behalf of Cole in the deal.
Cole Real Estate has already acquired more than $300 million in retail, office and industrial properties so far this year as part of an aggressive acquisition strategy. The REIT plans to purchase $3 billion in real estate assets in 2011.
— Coleman Wood