GE Real Estate Seals $33M Sale-Leaseback

NORWOOD, MA-Joining a cadre of similar transactions in Greater Boston this year, GE Real Estate has completed a $33-million sale-leaseback that gives the real estate investment firm control of the regional campus of Universal Technical Institute. The Arizona-based educational provider has committed to a 15-year lease and quartet of renewal options that could extend the occupancy at One Upland Rd. by an additional 20 years.

In a release acknowledging the action, UTI president and CEO Kimberly McWaters says the agreement provides “a professional and flexible leasing solution for UTI.” The business property division of GE Real Estate that handled the assignment is equally pleased by the terms, relays Bill Gregory of the firm’s net lease group. “We appreciate the opportunity to collaborate with UTI on this deal and are looking to be the partner of choice for other companies that need to access the equity in their properties,” he says. UTI had owned the property since February 2005 when it paid just $12.4 million.