ASU buys University Center in Tempe for $23M

Arizona State University purchased the University Center for $23.52 million.

Arizona State University has scooped up the three-building University Center in Tempe for about $23.52 million, making way for future growth of the school?s nearby main campus, according to a statement this week from Cushman & Wakefield of Arizona Inc.

The University Center is situated on about 12 acres along University Drive just east of Rural Road, which is across the street from ASU?s main campus and borders the Sun Devil Sports Performance facility and Karsten Golf Course.

The center, erected in the mid 1980s, is comprised of three buildings that total about 170,000 square feet of office space, the statement said. The center was sold by insurance firm Travelers Companies? St. Paul, Minn. operation.

ASU has been a tenant there since 2000 for various administrative needs such as student testing services, public affairs and internal audit, among others. The school currently utilizes about 13 percent of the space, joining other non-university tenants such as ACS Commercial Solutions and Nationwide Credit Inc.

ASU had been eyeing the property as a means to meet growing enrollment and research needs at the main campus projected for 2020 ? but it first needed permission.

Any property worth more than $500,000 that either of the state?s three public universities ? ASU, Northern Arizona University, University of Arizona ? want to buy must first be approved by the Arizona Board of Regents, the governing body for the three schools.

So, at last month?s meeting, the Board of Regents approved ASU?s purchase of the University Center.

According to the meeting agenda, the school plans to consolidate offices currently in leased locations there, provide additional campus office space and potentially expand some kind of research facility.

Kristena Hansen covers residential and commercial real estate.

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