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University Center Bldgs Sell for $23.5M

Arizona Board of Regents Acquire Office / Flex Portfolio
January 23, 2013
The Arizona Board of Regents at ASU purchased the University Center office and flex park located at 1100-1150 E University Dr. in Tempe, AZ for approximately $23.53 million from St. Paul Fire and Marine Insurance Company for the future expansion of Arizona State University

University Center was constructed in 1986 and 1987 and is occupied by major tenants that include Arizona State University, ACS Commercial Solutions, National Recovery and Laureate College. ASU has occupied space at the University Center since 2000 for various administrative needs. The school currently utilizes about 13 percent of the space, joining other non-university tenants in the center. ASU will slowly expand into the buildings as existing leases expire.

Karsten Peterson, Dave Seeger, and Mark Gustin of Cushman & Wakefield, Inc. and Peter Lyons of Arizona Commercial Management LLC represented the seller. Curtis Brown of Ross Brown Partners, Inc. represented the buyer.

Please refer to CoStar COMPS #2635083 for more information on the transaction.
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