TEMPE, Ariz. – (Realty News Report) – A partnership of Transwestern Investment Group and JDM Partners LLC has acquired a 2 million-SF corporate campus near Phoenix
in a sale-leaseback with State Farm Auto Insurance Co.
The 20-acre office campus is located just east of Phoenix, between Arizona State University and Tempe Town Lake.
The Arizona sale-leaseback is the third major transaction Transwestern has completed recently with State Farm. Transwestern acquired the 2.2 million-SF State Farm campus in Dallas’ CityLine project last fall and the 591,000-SF State Farm campus in Atlanta earlier in 2017.
“The closing of the Tempe transaction, the third in a series including Dallas and Atlanta, signals the execution of a strategy State Farm designed as a priority several years ago,” said Larry P. Heard, CEO of the Transwestern family of companies. “We have enjoyed a 35-year relationship with State Farm and look forward to helping this outstanding company achieve its objectives for years to come.”
Transwestern Investment Group, which will manage the investments through a subsidiary, said the sale-leaseback structure has benefitted both parties with steady cash flows generated from the long-term lease with State Farm and stable, long-term ownership and management for the tenants.
Houston-based Transwestern will manage the properties.
Located along Rio Salado Parkway, the Arizona property, called Marina Heights, a five-building, LEED–certified office park ground-floor retail, restaurants and other amenities.
“Marina Heights is a world-class project to add to our portfolio,” said Charles Hazen, President of Transwestern Investment Group. “We have enjoyed working with State Farm and a new equity partner, JDM Partners LLC of Phoenix, on this transaction.”
JDM Partners LLC consists of the principals Jerry Colangelo, David Eaton and Mel Shultz.
JDM Partners and Transwestern Investment Group acquired the Arizona properties with a partnership called Corporate Properties Trust III LP.