Cushman & Wakefield of Arizona negotiated the $23.5M sale of the three-building University Center to the Arizona Board of Regents. This marks an acquisition for future expansion of Arizona State University.
University Center , located at Rural Rd. and University Dr., is situated across the street from ASU. The three buildings, 1100, 1130 and 1150 E. University Dr., contain a total of 169,997 SF of space. The 1130 and 1150 E. University Dr. buildings are three-story office structures, while the 1100 E. University Dr. is a single story flex building.
University Center was constructed in 1986/1987 and is occupied by major tenants that include Arizona State University, ACS Commercial Solutions, Nationwide Recovery and Laureate College.
The Arizona Board of Regents purchased the property from Travelers of St Paul, Minn., paying approximately $138.40 per SF.
“We have had the privilege to work with Travelers and Arizona Commercial Management on University Center for over 14 years,” says Karsten Peterson with Cushman & Wakefield of Arizona. “This project has, and will continue to be, a quality location for years to come. University Center has always enjoyed a great relationship with ASU as a Tenant and we are pleased to see ASU progress this relationship into ownership.”
Peterson, Dave Seeger and Mark Gustin of Cushman & Wakefield represented Travelers in the sale negotiations. Peter Lyons of Arizona Commercial Management also assisted in representation of the seller. Curtis Brown of Ross Brown Partners represented the buyer.