DeVry University Phoenix campus, other buildings sold to Cole trust in $56 million deal










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Sep 17, 2013, 3:53pm MST Kristena Hansen Reporter- Phoenix Business Journal


DeVry University’s Phoenix campus and two other large-scale Valley office buildings have been purchased by a trust managed by Phoenix-based Cole Real Estate Investments Inc. (NYSE: COLE) for about $56 million.

The three facilities were part of a larger $100 million portfolio deal that was sold by Irvine, Calif.-based LBA Realty, according to a recent article by the Business Real Estate Weekly of Arizona, which first reported the transaction.

In total, the portfolio sale was comprised of six properties — three in Arizona, two in California and one in Colorado — totaling roughly 833,000 square feet of office and industrial space, according to Cole spokesman John Bacon, who confirmed the transaction with me today.

“Our team has identified markets, like Phoenix, that are benefiting from the housing recovery as presenting high-quality opportunities,” Jeff Holland, president and COO of Cole, said in an emailed statement today. “With this transaction, Cole and its managed REITs have approximately 50 net-leased office, industrial and retail properties throughout Arizona.”

The 122,600-square-foot DeVry campus, located near 23rd and Dunlap avenues, sold for $23 million, or $187.78 per square foot. According to BREW, LBA Realty had paid $16 million for that facility, which is leased to the university, back in 2007.

The real estate investment trust also paid $18.88 million, or $189.30 per square foot, for Cotton Center II, a 99,700-square-foot back-office building located within the Cotton Center business park near 40th Street and Broadway Road in Phoenix. That facility houses a CVS Caremark Corp. administrative office.

Another $14.42 million was handed over for the Rio Salado Corporate Center, an 82,200-square-foot back-office building near 3rd Street and Priest Drive in Tempe. That facility is occupied by medical equipment manufacturer C.R. Bard Inc.

Kristena Hansen covers residential and commercial real estate.




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