LXP Acquires 628K-SF Phoenix Office Campus

Epic Apollo recently sold a Phoenix office campus for $103 million to LXP Industrial Trust. Epic Apollo paid $183 million for the three-building property at Broadway and 32nd Street in 2015. For many years, the office complex LXP acquired had served as the University of Phoenix’s headquarters campus. The online university currently occupies a few floors in one building.

The Phoenix Business Journal reports that the 10-story tower and two six-story towers totaling 628,192 square feet were built in 2006 on 37.11 acres at Broadway Road and 32nd Street. The campus also includes two large parking garages and a 9,194-square-foot restaurant space.

LXP’s portfolio includes more than 100 industrial properties across roughly 54 million square feet. LXP’s other holdings in the metro include a 202,000-square-foot industrial building leased to Amazon in Chandler at 3405 S. McQueen Road; an 801,000-square-foot Class A distribution facility leased to Chewy in Goodyear at 255 143rd Ave.; and a 540,349-square-foot distribution center in Goodyear at 16811 W. Commerce Dr.