DeVry Inc. Sells Two Facilities In Western U.S. For $28.4 Million
12 Nov, 2007, Phoenix, AZ
DeVry, Inc., as part of its corporate real estate plan, has sold two facilities in the Western United States for $28,350,000. The international higher education organization has leased back a portion of these facilities to continue operations in the locations.
DeVry University sold its 120,000-square-foot campus at 2149 W. Dunlap Ave. in Phoenix. DeVry will lease back 66,000 square feet of the space for 10 years and the remainder will be marketed to other tenants.
The company also sold a 102,000-square-foot campus in Federal Way, WA. DeVry has leased back 60,000 square feet of the building for 10 years. The remainder of the building will be marketed for lease to other businesses.
LBA Realty of Irvine, CA purchased the buildings from DeVry Inc.
According to DeVry, this move will improve the company’s operating income by $1.0 million per year. “These actions reflect our ongoing commitment to provide economic value and improve operating results through the optimization of our real estate assets,” said Daniel Hamburger, president and CEO of DeVry Inc. “We will continue to evaluate opportunities to reduce our operating costs while delivering the best facilities and services possible to meet the needs of our current and future students.”
Ned Franke of Cushman Wakefield in Chicago worked with Mike Sayre, Larry Downey and Jerry Jacobs of Cushman & Wakefield in Phoenix on the sale negotiations. Cushman & Wakefield will also serve as exclusive leasing agents for both of the properties.
LBA Realty (LBA) is a full service real estate investment and management company founded in 1991. The Company, with its headquarters in Irvine and regional offices in Los Angeles, San Diego, San Francisco, Denver, Phoenix and Seattle, owns a portfolio of commercial properties encompassing approximately 22 million square feet and operates in California as well as in other Western markets.
Cushman & Wakefield is one of the world’s largest commercial real estate services firms. Founded in 1917, the firm has 201 offices in 55 countries, and 12,000 talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, lenders and investors through every stage of the real estate process. These solutions include representing clients in the buying, selling, financing, leasing and managing of assets. The firm also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133, or visit the firm’s Web site at www.cushmanwakefield.com.Contact: Robin Vitols (602) 957-8844