RICHARDSON, TX—In a mega-deal that reportedly was two years in the making, Corporate Properties Trust I LP, a partnership of Transwestern Investment Group and Mirae Asset Global Investments Co., closed on the acquisition of a 2.2 million-square-foot mixed-use project in the CityLine development. The transaction was a sale-leaseback with State Farm Auto Insurance Co. at a price of $822.4 million or $363 per square foot, GlobeSt.com learns. The CMBS loan amount was $455 million.
Located at 1150, 1201 and 1251 State St., and 3661 N. Plano Rd., the properties are 100% occupied by State Farm as the single tenant. This location is State Farm's regional headquarters facility, housing approximately 8,000 State Farm employees.
The partnership acquired the four primary office/retail towers including street retail of 120,000 square feet, and a connected structured five-story parking garage. The buildings are designated LEED Gold and are located immediately adjacent to a primary Dallas Area Rapid Transit rail line.
“We are pleased to partner with Mirae on this notable project,” said Laurie Dotter, president of Transwestern Investment Group. “With the formation of Corporate Properties Trust I, we will provide our investment partner attractive, long-term investment returns generated primarily from the office leases with an outstanding, investment-grade tenant, State Farm.”
Corporate Properties Trust I LP will own the properties through a REIT. The entity was created to allow long-term stable ownership of high-grade fully leased institutional properties, a structure which benefits the tenant and the investors. The investment will be managed by a wholly owned subsidiary of Transwestern Investment Group, a SEC-registered investment advisor.
“This transaction is a win for all parties involved,” Dotter tells GlobeSt.com. “The ownership entity we created is a real estate investment trust managed by Transwestern Investment Group, designed to deliver attractive investment returns to Mirae Asset Global Investment partners. The nature of the ownership entity also provides financial and operational benefits to State Farm, which will occupy the properties under various long-term lease agreements.”
HFF and Eastdil Secured were the brokers in the transaction.
The CityLine development is a 186-acre mixed-use project developed by KDC. It is located at the southeast corner of Highway 75 and the President George Bush Turnpike. CityLine will also ultimately include 1,700 luxury apartments, a 150-room boutique hotel, an entertainment center, a medical office facility, a DART stop, retail, restaurants and a 3.5-acre park.
“It was a valuable opportunity for Mirae to partner with Transwestern in pursuing this long-term, high-quality investment,” said Chang Hoon Choi, head of Mirae's real estate business unit. “This investment is consistent with our strategy to enhance our global footprints and we look forward to working together on new initiatives going forth.”
Mirae has provided its clients, institutional and retail investors in Asia, with other US real estate investment opportunities. In the last four years, Mirae has acquired institutional-quality real estate assets in Chicago, New Jersey, Washington DC, Seattle and Hawaii.
RICHARDSON, TX—In a mega-deal that reportedly was two years in the making, Corporate Properties Trust I LP, a partnership of Transwestern Investment Group and Mirae Asset Global Investments Co., closed on the acquisition of a 2.2 million-square-foot mixed-use project in the CityLine development. The transaction was a sale-leaseback with
Located at 1150, 1201 and 1251 State St., and 3661 N. Plano Rd., the properties are 100% occupied by
The partnership acquired the four primary office/retail towers including street retail of 120,000 square feet, and a connected structured five-story parking garage. The buildings are designated LEED Gold and are located immediately adjacent to a primary Dallas Area Rapid Transit rail line.
“We are pleased to partner with Mirae on this notable project,” said Laurie Dotter, president of Transwestern Investment Group. “With the formation of Corporate Properties Trust I, we will provide our investment partner attractive, long-term investment returns generated primarily from the office leases with an outstanding, investment-grade tenant,
Corporate Properties Trust I LP will own the properties through a REIT. The entity was created to allow long-term stable ownership of high-grade fully leased institutional properties, a structure which benefits the tenant and the investors. The investment will be managed by a wholly owned subsidiary of Transwestern Investment Group, a SEC-registered investment advisor.
“This transaction is a win for all parties involved,” Dotter tells GlobeSt.com. “The ownership entity we created is a real estate investment trust managed by Transwestern Investment Group, designed to deliver attractive investment returns to Mirae Asset Global Investment partners. The nature of the ownership entity also provides financial and operational benefits to
HFF and Eastdil Secured were the brokers in the transaction.
The CityLine development is a 186-acre mixed-use project developed by KDC. It is located at the southeast corner of Highway 75 and the President George Bush Turnpike. CityLine will also ultimately include 1,700 luxury apartments, a 150-room boutique hotel, an entertainment center, a medical office facility, a DART stop, retail, restaurants and a 3.5-acre park.
“It was a valuable opportunity for Mirae to partner with Transwestern in pursuing this long-term, high-quality investment,” said Chang Hoon Choi, head of Mirae's real estate business unit. “This investment is consistent with our strategy to enhance our global footprints and we look forward to working together on new initiatives going forth.”
Mirae has provided its clients, institutional and retail investors in Asia, with other US real estate investment opportunities. In the last four years, Mirae has acquired institutional-quality real estate assets in Chicago, New Jersey, Washington DC, Seattle and Hawaii.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
