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Feb 25, 2015, 12:14pm MST UPDATED: Feb 25, 2015, 4:23pm
MST Mike Sunnucks Senior Reporter-Phoenix Business Journal
The corporate headquarters for Apollo Education Group (Nasdaq: APOL), the parent company of University of Phoenix, has been sold to a British buyer for $183 million.
The three-building campus is on Riverpoint Parkway off Interstate 10 near University Drive in Phoenix. There are approximately 2,500 employees there.
The seller was American Realty Capital Properties Inc. (Nasdaq: ARCP). The buyer is a United Kingdom real estate investment entity called Epic Apollo LLC. The group is based in New York and London. Epic Apollo is an arm of Epic LLC headed by Stevenand Michael Elghanayan.
The 599,700-square-foot Apollo/UOP campus sold in 2011 for $283 per square foot, Gabel said.
It traded this time for $305 per foot — a 7.6 percent increase.
“The sale of this property is part of our ongoing active portfolio management strategy,” said Thomas Roberts, and executive vice presidentat ARCP. “During the third quarter of 2014 we began evaluating opportunities to bring this high-quality asset to market and maximize its value, capitalizing on the increasing strength of the Phoenix commercial real estate market.”
UOP’s main offices are in Tempe.
Mike Sunnucks writes about residential and commercial real estate, government, law, sports business and workplace issues.
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