{"id":1004114299,"date":"2015-02-26T07:38:20","date_gmt":"2015-02-26T15:38:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004114299"},"modified":"2022-12-09T02:26:09","modified_gmt":"2022-12-09T10:26:09","slug":"arcp-trades-apollo-corporate-hq","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/arcp-trades-apollo-corporate-hq\/","title":{"rendered":"ARCP Trades Apollo Corporate HQ"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Barry-Gable.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004114310\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/arcp-trades-apollo-corporate-hq\/attachment\/1004114310\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Barry-Gable.jpg\" data-orig-size=\"436,336\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;9&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D1X&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1043625956&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;100&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0.008&quot;,&quot;title&quot;:&quot;???????????????????????????????&quot;}\" data-image-title=\"???????????????????????????????\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Barry-Gable.jpg?w=436\" class=\"alignright size-thumbnail wp-image-1004114310\" alt=\"???????????????????????????????\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Barry-Gable.jpg\" width=\"150\" height=\"150\" \/><\/a><\/i><\/p>\n<p>Epic Apollo, L.L.C., coordinated by Crown Properties, Inc., has acquired the Apollo Corporate Headquarters campus, a 599,664-square-foot, Class A three-building, single-tenant office campus in Phoenix, from American Realty Capital Properties, Inc., for $183 million.<\/p>\n<p>CBRE represented the seller in the transaction and also arranged acquisition financing of behalf of the buyer.<\/p>\n<p>\u201cThe appeal was a long-term, absolute, triple-net lease with 16 years remaining with annual increases with a corporate guarantee from a company with a $3 billion market cap, more than 44,000 employees and $1 billion in cash on hand,\u201d Barry Gable, CBRE\u2019s executive vice president, told <i>Commercial Property Executive<\/i>. \u201cIt\u2019s a Class A corporate campus environment, with a park-like setting; fountains, cafeteria, conference room and fitness center.\u201d<\/p>\n<p>Located at 4025, 4035, and 4045 South Riverpoint Parkway, the building is the headquarters for Apollo Group, Inc., one of the country\u2019s biggest providers of higher education programs for working adults. The buildings consist of one 10-story building with 267,962 square feet and two six-story buildings each with 165,851 square feet. Additionally, there are two multi-level parking garage structures, with a 7.7 per 1,000 parking ratio.<\/p>\n<p>This state-of-the-art, institutional-quality campus sits on 36 acres and is adjacent to Interstate 10, providing access to Highway 60, Interstate 17, and Loop 202 and 101 freeways. The campus is also within a 10-minute drive from both downtown Phoenix and downtown Tempe, a five-minute drive to Sky Harbor International Airport and benefits from proximity to numerous amenities, including restaurants, hotels and a variety of retailers.<\/p>\n<p>\u201cThere\u2019s a historical precedent for these types of transactions throughout Metropolitan Phoneix,\u201d Gable said. \u201cAs an example, there have been 35 sales over $275 a square foot since 2005 and all of those have averaged $317 a square foot. Institutional capital and buyers who have primarily been purchasing properties in coastal cities are experiencing major cap rate compression and very high-price per square foot, and as such, many of those buyers are looking to Phoenix as a great market to be able to buy assets that are great quality in a dynamic market with significant long-term potential at rates more commensurate with their pricing platforms.\u201d<\/p>\n<p>According to Gable, the property last traded at $283 per square foot in 2011, and this sale saw a 7.6 percent increase at $305 per square foot, which was a driving force behind ARCP\u2019s decision to sell.<\/p>\n<p>\u201cThe sale of this property is part of our ongoing active portfolio management strategy,\u201d Thomas Roberts, ARCP\u2019s executive vice president, real estate, said in a company release. \u201cDuring the third quarter of 2014 we began evaluating opportunities to bring this high-quality asset to market and maximize its value, capitalizing on the increasing strength of the Phoenix commercial real estate market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>American Realty Capital Properties has capitalized on the increasing strength of the Phoenix commercial real estate market with a sale.<\/p>\n","protected":false},"author":451,"featured_media":1004114310,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747],"tags":[],"class_list":["post-1004114299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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