DALLAS-Approximately three months after State Farm Inc.'s operations centers portfolio came to market, locally based Lone Star Funds acquired the assets through a sale-leaseback agreement. The portfolio consists of 23 operations centers, consisting of 6.2 million square feet and located in 16 states.
The sales price was not disclosed and the locations of the operations centers were not immediately made available.
“There is currently tremendous investor appetite for large net-leased portfolios with investment-grade credit,” says Gary Nussbaum, managing director of Transwestern. Nussbaum and Transwestern managing directors Brad Cohen, Larry Thiel and Thomas Gorman and senior associate Dave Matheis represented State Farm in the direct deal with Lone Star Funds.
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