SACRAMENTO-Universal Technical Institute has completed a sale-leaseback for its local campus. The Phoenix-based vocational school sold the campus to WP Carey & Co. for $41 million. As part of the deal, UTI signed over its ground lease for the facilities and leased it back long-term at an undisclosed lease rate. The deal closed last week.

The property is located at 4100 Duckhorn Dr., which is 10 minutes north of Downtown, near Interstate 5 and Arco Arena. The leaseback has an initial term of 15 years. UTI holds an option that can extend the lease by an additional 20 years.

UTI chief executive Kimberly McWaters says “favorable conditions” in the commercial real estate market “led us to capitalize on the equity in our Sacramento facility.” The proceeds will provide UTI with “greater flexibility and liquidity,” she says.

UTI produces automotive, diesel, collision repair, motorcycle and marine technicians. The company offers undergraduate degree, diploma and certificate programs at 10 campuses across the United States, and manufacturer-sponsored advanced programs at 18 dedicated training centers.

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