DeVry sells buildings to cut costs

Leases back space in both facilities to continue operations

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DeVry Inc. has sold two commercial facilities in Arizona and Washington for approximately $28.4 million, and has leased back a portion of these buildings to continue its operations. DeVry University sold its 120,000-square-foot campus at 2149 W. Dunlap Ave. in Phoenix, Ariz., and will lease back 66,000 square feet of the space for 10 years; the remainder will be marketed to other tenants. The company also sold a 102,000-square-foot campus in Federal Way, Wash., where it has leased back 60,000 square feet of the building for 10 years. The remainder of the building will be marketed for lease to other businesses. Irvine, Calif.-based LBA Realty purchased the buildings. According to DeVry, this move will improve the company's operating income by $1 million per year by reducing costs. ...