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11/02/16
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Corporate Properties Trust I LP has closed on the acquisition of a 2.2 msf, mixed-use project outside of Dallas, TX in a sale-leaseback with State Farm Auto Insurance Co. Corporate Properties Trust I LP is a partnership of Transwestern Investment Group and Mirae Asset Global Investments Co. The transaction value was not given out.
The acquisition consists of four primary office/retail towers, with connected structured parking garages, located in the CityLine development, a 186-acre, mixed-use project developed by KDC. The buildings are designated LEEDŽ Gold and are located immediately adjacent to a primary DART rail line.
Located at 1150, 1201 and 1251 State St and 3661 N. Plano Rd in Richardson, about 20 miles north of Dallas, the buildings will house approximately 8,000 State Farm employees. CityLine, which is located at the southeast corner of Hwy 75 and the President George Bush Turnpike, will also ultimately include 1,700 luxury apartments, a 150-room boutique hotel, an entertainment center, a medical office facility, a Dallas Area Rapid Transit stop, retail, restaurants and a 3.5-acre park.
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.
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