Big fight pits Legislature vs. universities over real estate deals, tax breaks

Phoenix Business Journal
Friday, February 2, 2018
Mike Sunnucks

A bill making its way through the Arizona Legislature puts restrictions on real estate deals crafted by state universities.

It sets up another big political fight between the Republican Legislature and state universities — specifically Arizona State University.

The measure, House Bill 2280, comes in response to the $928 million sale of the Marina Heights development in Tempe. The 2-million-square-foot office campus sits on land owned by the Arizona Board of Regents.

ABOR is the agency that oversees Arizona State, the University of Arizona and Northern Arizona University.

The Marina Heights sale involved State Farm and two other private owners selling the office complex for a record price to Transwestern Investment Group and JDM Partners LLC.