TEMPE-Arizona State University (ASU) has traded its status as tenant to owner by acquiring the three-building University Center from Travelers of St. Paul, MN. The Arizona Board of Regents paid the seller $23.5 million for the asset, which was acquired with an eye toward the university’s future expansion.
University Center , located at Rural Road and University Drive, is across the street from Arizona State University. The buildings at 1130 and 1150 E. University Dr. are three-story office structures, while the 1100 E. University Dr. is a single-story flex building. The asset was built in 1986 and 1987, and its tenants include Arizona State University, ACS Commercial Solutions, Nationwide Recovery and Laureate College.
“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 Inc. in a press release. Peterson, Dave Seeger and Mark Gustin of Cushman & Wakefield represented Travelers in the sale negotiations. Peter Lyons of Arizona Commercial Management also assisted in representing the seller. Curtis Brown of Ross Brown Partners represented the buyer.
“This project has, and will continue to be, a quality location for years to come,” Peterson says. “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.”