The school for dental and medical assistants has added about 5,000 sf to the 13,716-sf lease it signed two years ago and extended its commitment to 10 years. Based on an estimated lease rate of between $19 and $20 per sf per year, the value of the lease is around $3.5 million, though Glimcher is giving some of that back in the form of a tenant improvement allowance.
The leasing assignment is held by Rich Sabel of CB Richard Ellis. Sabel tells GlobeSt.com the transaction leaves less than 5,000 sf of office space available at the mall.
Apollo College recently merged with Irvine, CA-based US Education Corp. A source at Apollo tells GlobeSt.com that the expansion is unrelated to the merger. Apollo, which has five schools on the West Coast, is the second-largest tenant in the office portion of the mall.
On the subject of professional schools, Sabel tells GlobeSt.com he also recently helped Phoenix University lease 10,000-sf on the second floor of the West Coast Bank Building in Downtown Vancouver, WA, just across the Columbia River from Portland. The school inked a seven-year lease in a building at a rate believed to be slightly under the building's $23.50 asking rate per. Sabel says the deal came together because the City of Vancouver, which owns the neighboring parking garage, granted the school use of the entire parking garage after 5 p.m. on weekdays.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
