OAKBROOK TERRACE, IL-DeVry Inc., based here, has sold two of its facilities for nearly $28.4 million. DeVry sold its campus at 2149 W. Dunlap Ave. in Phoenix and its campus at 3600 S. 344th Ave. in Federal Way, WA to LBA Realty, based in Irvine CA.

Portions of each of the facilities will be leased back by DeVry, which provides undergraduate and graduate degree programs in technology, business and management. A cap rate was not disclosed. A representative for Cushman & Wakefield did not respond to a request for an interview. Ned Franke, Mike Sayre, Larry Downey and Jerry Jacobs, all with Cushman & Wakefield, handled the sale negotiations.

DeVry will lease 66,000 sf in the 120,000-sf building in Phoenix. DeVry will lease 60,000 sf in the 102,000-sf building in Federal Way. The term of both leases was 10 years. Lease rates were not disclosed. Cushman & Wakefield will be the leasing agents for both properties.

The sales will increase DeVry's operating income by $1 million per year, according to a released statement. “These actions reflect our ongoing commitment to provide economic value and improve operating results through the optimization of our real estate assets,” DeVry president and CEO Daniel Hamburger said in a released statement.