State Farm has actually offered and rented back the 370,000-square-foot building it developed at 300 Rio Salado Parkway and 4 other office complex in the Phoenix city.
A collaboration between Transwestern Investment Group (TIG) and JDM Partners LLC led by principals the principals Jerry Colangelo, David Eaton and Mel Shultz has wrapped up the acquisition of Marina Heights, a five-building office campus on 20 acres from State Farm Auto Insurance at 300 – 600 Rio Salado Parkway in Tempe, AZ.
. The rate was not divulged, although the sale-leaseback deal was valued in one report by a local media outlet at about $928 million. The Tempe deal is the 3rd in a series of sale-leasebacks undertaken by the huge insurance provider. Last fall, State Farm offered its 2.2 million-square-foot campus in the CityLine job in Dallas and traded the 591,000-square-foot State Farm campus in Atlanta this past summertime.
State Farm constructed the five office complex ranging from 271,000 square feet to 620,000 square feet in 2015 and 2016, inning accordance with CoStar info.
The Corporate Characteristics Trust III LP collaboration’s acquisition is located in between Arizona State University and Tempe Town Lake. The LEED-certified Marina Heights portfolio is prepared as a future stop for the Tempe Streetcar, linking the school to the close-by airport, downtown and main Phoenix.
“Our company believe the ownership structure advantages all parties in the transaction, with stable cash flows generated from the long-term lease with State Farm and stable, long-lasting ownership and management for the tenants,” Transwestern Financial Investment Group Senior Handling Director Collin Comer stated in a declaration.
A wholly owned subsidiary of TIG will handle the investments. Transwestern also manages the State Farm properties acquired in the Dallas and Atlanta sale-leasebacks. JDM Partners CEO Mel Shultz said his company and investors anticipate an ongoing relationship with State Farm throughout the United States
King & & Spalding functioned as legal advisor in the Marina Heights trade and Eastdil Guaranteed encouraged on the protecting of debt capital.
For more information on the deal, please see CoStar COMPs # 4074574.