Absolute NNN Residence Hall & Student Union

14360 W Tierra Buena Ln, Surprise, AZ

   SOLD!   

$35,100,000

Price

7.25%

Cap Rate

$2,543,171

NOI

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Street
Map
Overview
Cap Rate
7.25%
NOI
$2,543,171
Building Size
73,461 sqft
Lot Area
3.5 acres
Lease Type
Absolute Net
Year Built
2019
Floors
4
Description

Atlantic Retail and TSB Realty, LLC has been exclusively engaged by ownership to sell Ottawa University’s Arizona Campus Residence Hall & Campus Student Union facility (“OUAZ” or “Property”). OUAZ will be a 4-story, elevator-served, on-campus, residence hall serving the Ottawa University campus located in Surprise, Arizona (“OUAZ”). Both assets will be encumbered by a 15-year base term, absolute net lease with Ottawa University as well as a 65-year base term ground lease with the City of Surprise. The ground lease payment will be paid by Ottawa University.

OUAZ is currently under construction and will be complete in Fall 2019. It will consist of 86 units and 338 beds in a mixture of one and two-bedroom suite-style, dormitory units. In addition, the transaction includes the 26,742 square foot campus student union building, which will house a student lounge as well as a dining hall. The Ottawa University campus is situated in downtown Surprise, immediately adjacent to the beautiful Civic Center Complex and a 5-minute walk to the City of Surprise Recreation Campus, featuring Surprise Stadium – the Spring Training home for the Texas Rangers and Kansas City Royals – which has been rated as the “Best Place to Watch a Spring Training Game” by the Best of Phoenix magazine and #1 Spring Training stadium in Arizona by USA TODAY.

The property is situated on the campus of Ottawa University, a private Christian university that opened its Surprise campus in 2017 with total enrollment of 434 students. Enrollment exploded in 2018, with over a 50% increase on the 2017 enrollment up to 657 students – and it is on track to outpace Fall 2019 enrollment at the university’s original 761-student residential campus in Kansas. The university hopes to grow the Surprise campus to 3,000 students over the next decade.

Documents
Title
Offering Memorandum
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Location
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