In a sale-leaseback transaction, Cole Real Estate Investments has acquired Apollo Group's University of Phoenix office complex for $170 million according to a CoStar report. Apollo Group signed a 20-year lease with Cole; the deal requires Apollo to keep the company's corporate headquarters in the building for at least the next 20 years. The 20-year, triple-net lease expires in 2031. "It's a 20-year lease with five-year renewal options," Apollo spokesman Manny Rivera said. "So, the sale of the Riverpoint complex is pretty much a business transaction that allows Apollo to diversify our real-estate portfolio and really just to focus on our mission to provide quality education."
The Riverpoint complex covers three mid-rise office towers with roughly 600,000 square feet, including two parking structures. The facility was constructed from 2006 to 2007 and is located two miles south of Phoenix Sky Harbor Airport and four miles southeast of the Phoenix central business district.
"This sale-leaseback transaction is a strong fit with Cole's core investment strategy of acquiring high-quality, income-producing real estate, leased to creditworthy, industry leading businesses under long-term leases," said Thomas Roberts, executive vice president and head of real estate investments for Cole. "As a key, strategic operation for Apollo Group and University of Phoenix, the Riverpoint complex is a premier asset to add to our growing portfolio of corporate real estate."
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