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Phoenix Office Property Sells for $183 Mil in Institutional Investment Deal

2/27/15

We’ve got a major institutional office buy out of Phoenix to report, as a Crown Properties Inc-led entity has acquired the Apollo Corporate Headquarters campus, a 599.7k sf, single-tenant complex, for $183 mil ($305/sf). The three-building, Class A property is located at 4025, 4035, and 4045 South Riverpoint Pkwy, adjacent to I-10 within the Phoenix metropolitan area.

The Apollo Group Headquarters campus is 100 percent leased to Apollo Group Inc, one of the nation’s largest providers of higher education programs for working adults. It is comprised of three office buildings -- one 10-story building at 26k sf and two six-story buildings each comprised of 165.9k sf -- and two multi-level parking garage structures. The campus is home to approximately 2,850 executives and employees of Apollo Group Inc.

The state-of-the-art, institutional-quality campus is centrally located with access to Hwy 60, Interstate 17, and Loop 202 and 101 freeways. The campus is within a ten-minute drive from both downtown Phoenix and downtown Tempe, and a five-minute drive to Sky Harbor International Airport. It benefits from proximity to numerous amenities, including restaurants, hotels and a variety of retailers.

CBRE’s Barry Gabel and Chris Marchildon in the Phoenix office, along with Kevin Shannon, Ken White, and Michael Moore in the firm’s South Bay office negotiated the sale. The team represented the seller, American Realty Capital Properties Inc (ARCP). The buyer was Epic Apollo LLC, coordinated by Crown Properties.

In addition to negotiating the sale, CBRE’s Capital Markets’ Debt and Structured Finance team, including Bruce Francis, Dana Summers, Bob Ybarra, and Shaun Moothart, worked on behalf of the buyer and the lender, Goldman Sachs.

“The Metropolitan Phoenix investment market continues to post significant benchmarks towards full recovery,” said CBRE’s Gabel. “This property last traded at $283 per square foot in 2011, and this most recent sale marks a 7.6 percent increase at $305 per square foot. Investors recognize momentum in the market and we expect this is just the beginning of an active and healthy 2015.”

“This is another example of the increasing investment of foreign capital in all US markets. This property provides our off-shore investor the stability of a long-term, 16-year remaining, net lease with one of the largest educational companies in the world,” said Shannon. “In addition, the annual rent increases of two percent provides the investor predictable annual revenue growth over the life of the lease.”






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