CBRE Arranges Sale/Leaseback for Six Phoenix-Area School Buildings

Arizona has gone in big for charter schools. Two campuses under the EDUPRIZE banner recently freed up cash by selling their properties and then leasing them back. A CBRE team led by Geoffrey Turbow executed the transaction of six buildings in metro Phoenix. The combined 233,790 square-foot properties sold for $63.2 million.

The school plans to fully triple net leaseback on both campuses for 15 years. Both campuses feature state-of-the-art facilities, including gymnasiums, media centers, music rooms, multiple technology and science labs, and a playground. 

The first campus includes three two-story buildings in Gilbert, Arizona totaling 141,000 square feet on 16.7 acres. The second property is located in Queen Creek, Arizona. The two-building campus is surrounded by 10 acres of extra land for future developments. The buildings are 50,176 sq. ft. and 41,983 sq. ft., respectively.