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11/02/23
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CityLine, a 2.2 msf mixed-use property comprised of four purpose-built office buildings in Richardson, TX, traded hands. The property, occupied by State Farm, includes 120k sf of retail space and a 42k sf medical office building.
The property is located at 1150, 1201, 1251 and 1415 State Street and 3661 N. Plano Road in Richardson, at the intersection of US-75 and President George Bush Turnpike. The office buildings, constructed in 2016, are the focal point of the master-planned, 186-acre suburban development located at the connection of two major Dart Rail Lines. Consisting of eight luxury apartment complexes, 30 restaurants and bars, a 148-key Aloft hotel and 21 acres of green space and walking trails, the project is the pinnacle of contemporary walkability and desirable amenities.
Chris Murphy, Robert Hill , Gary Carr, Kevin Shannon, Ken White and Alex Foshay with Newmark represented the seller, Mirae Asset Global Investments. David Milestone, Josh Francis and Henry Cassiday, also with Newmark, provided debt capital markets advisory in executing the sale.
“CityLine is a dynamic development, well-situated to reap long-term appreciation, as the Metroplex continues to grow north. Highly sought after due to the project’s contractual lease obligations from investment-grade tenancy, CityLine provided investors with capital preservation, coupled with significant upside opportunities,” said Murphy.
Dallas-Fort Worth office-using employment continues to remain near historical high at the end of August 2023. The metroplex reported 1.28 million office workers, an increase of 67.6% compared to 2010, and an increase of 21.5% compared to 2019 employment levels, according to Newmark Research. The continued strength and growth in the market’s office employment reflect an enduring appetite for office assets. The Dallas-Fort Worth office market’s long-term outlook remains positive and competitive given the market’s strong economic fundamentals, such as a diversified labor pool and continued office-using jobs growth.
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