Universal Technical Institute (UTI)

Property type: Office
Business line: Net Lease
Location: Lisle, IL

Universal Technical Institute
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UTI, a publicly traded company, teaches people how to be mechanics for heavy machinery, trucks and large engines. As a long-time iStar customer, we knew them well and knew they were looking to replace their outmoded Chicago campus. We had an old building that was not suited for modern use, but was well located right on Interstate 88 and across the street from Navistar—a producer of high-end heavy machinery and a natural employer of UTI’s students. Our pitch to UTI: we would tear down the building and construct a school on the property with purpose-built facilities to accommodate their very specific needs, and lease it to them through a joint venture entity in which UTI would take part ownership. Leveraging our in-house construction ability with our net lease and structuring expertise, we solved UTI’s needs in a creative and mutually beneficial manner, while finding a higher and better use for an existing property in our portfolio.