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Cole Makes Largest AZ Buy with $170M U of Phoenix Deal

PHOENIX-The firm acquires Apollo Group Inc.’s University of Phoenix office complex at Riverpoint in a 20-year sale-leaseback.

By Jennifer Duell Popovec | Updated on March 25, 2011

PHOENIX-Cole Real Estate Investments has made its largest investment in Arizona, paying $170 million for Apollo Group Inc.’s University of Phoenix office complex at Riverpoint. The company negotiated a 20-year sale-leaseback with the private education provider. Cole’s lease with Apollo feature 2% annual rent bumps, according to Thomas W. Roberts, executive vice president and head of real estate investments for Cole.

Comprised of three mid-rise office towers, Apollo Group’s Riverpoint Facility totals roughly 600,000 square feet. It also includes two parking structures. The facility was constructed from 2006 to 2007 as a build-to-suit, with improvements completed in 2008.

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