DALLAS-Local developer and owner KDC has sold off two class A office buildings to Cole Real Estate Investments for a total of $51 million. The Phoenix-based investor acquired a 147,107-square-foot property leased to the California State Automobile Association Inter-Insurance Bureau for $29 million and a 150,000-square-foot asset leased to Dell Perot Systems for $22 million.

The acquisitions are the first deals that Cole has completed with KDC, according to Robert Micera, Cole’s chief investment officer for office and industrial. “This is one of several deals we’ve talked to KDC about,” he tells GlobeSt.com. “We have several relationships with developers around the country that offer us opportunities to acquire single-tenant properties, and we’re working with developers like KDC to build our acquisitions pipeline. More developers are pitching business on the build-to-suit side, in addition to existing buildings.”

The California State Automobile Association Inter-Insurance Bureau (CSAA) is an affiliate of AAA of Northern California. It uses the LEED Silver certified building as an operations center. Located in Oklahoma City, the property was built specifically for CSAA and completed in 2009.