LXP Industrial Trust has written a $103 million check for the former University of Phoenix headquarters in Phoenix, scooping up a massive campus that spans more than 628,000 square feet across roughly 37 acres. The six-building office complex long served as the university’s administrative hub and still houses a smaller portion of its operations. It is one of the larger single-asset office trades to hit the Valley so far this year, and it plants an even bigger LXP flag in metro Phoenix.
As reported by Phoenix Business Journal, LXP paid $103 million in cash for the Riverpoint campus, which the outlet lists at 628,192 square feet on about 37 acres. The complex includes six buildings, and the University of Phoenix still occupies roughly 82,000 square feet as a tenant. Those property details are drawn from reporting and public records reviewed by the Business Journal.
LXP Is Quietly Building A Phoenix Empire
The acquisition lines up neatly with LXP’s broader Phoenix play. The industrial REIT has been moving hard into the market and recently kicked off some sizable development projects and pre-leases. In an April company release, LXP said it had pre-leased a 1.2 million square foot speculative development in the area. “We’re excited to have pre-leased our 1.2 million square foot development project in the West Valley submarket of Phoenix,” the company said in the release. The move suggests the Riverpoint purchase is part of a longer game to expand LXP’s footprint where demand for logistics and industrial space remains strong. LXP outlined the pre-lease publicly last month.
What The Sale Signals For The Market…