CBRE arranged the sale and leaseback of six EDUPRIZE campus buildings in Metro Phoenix. The combined 233,790 square-foot properties were negotiated by CBRE’s Geoffrey Turbow, Gary Cornish and Collier’s Vice Chairman and National Director of Education Advisory Group, Todd Noel, on behalf of the sellers for $63.2 million.
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The two properties are currently home to EDUPRIZE, a well-established charter school in the Southeast Valley. The school plans to fully triple net leaseback on both campuses for 15 years.
“We are pleased to have partnered with Todd Noel and his team at Colliers, who are education experts, to achieve this exceptional outcome for our clients,” said Geoffrey Turbow, Senior Vice President at CBRE. “By doing so, we achieved top pricing, which was not easy, given the current uncertainty in the financial markets. We pride ourselves on being market experts in the capital market sector, marketing properties for sale and attracting top-tier pricing for our clients.”
The first campus includes three two-story buildings on the southwest corner of West Melody Avenue and North Monterey Street in Gilbert, Arizona. The property totals 141,637 square feet across three buildings on 16.7 acres. The buildings range in size from 41,960 sq. ft. to 38,760 sq. ft.
The second property is located south of the Gilbert campus at 4567 West Roberts Road in Queen Creek, Arizona. The two-building campus is situated on the northwest corner of West Roberts Road and North Thompson Road and is surrounded by 10 acres of extra land for future developments. The buildings are 50,176 sq. ft. and 41,983 sq. ft., respectively.
Both campuses feature state-of-the-art facilities, including gymnasiums, media centers, music rooms, multiple technology and science labs, and a playground.
“The sale and leaseback of these six buildings is a testament to not only the tenant’s strength but the Phoenix market’s strength and the demand for high-quality educational facilities. The East Valley is one of the fastest-growing submarkets in the U.S., and the demand for high-quality properties will only increase in the years to come,” added Todd Noel.
