RICHARDSON, TX—Another sale-leaseback of a 2 million-square-foot property in the Southwest signals the execution of a strategy State Farm designed as a priority several years ago, says Larry P. Heard, CEO of the Transwestern family of companies. The closing of the Tempe, AZ transaction is the third in a series. This transaction resembles the acquisition of the 2.2 million-square-foot State Farm campus in Dallas' CityLine project last fall and the 591,000-square-foot State Farm campus in Atlanta this summer.
Corporate Properties Trust III LP closed on the acquisition of the property in a sale-leaseback with State Farm Auto Insurance Co., according to Transwestern Investment Group. Transwestern believes the sale-leaseback structure has benefited both parties. Charles Hazen, president of Transwestern Investment Group, recently discussed the sale-leaseback model in this exclusive.
GlobeSt.com: What's the benefit of a sale-leaseback for investors?
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
