Transwestern, Mirae Buy Four-Building Office Campus At CityLine
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Transwestern Investment Group president Laurie Dotter tells us it's a long-term investment with a stable yield. State Farm's leases will commence with the date of the transaction.
The partnership, called Corporate Properties Trust I, acquired the 2.2M SF mixed-use project with four buildings and structured parking garages within the 186-acre development by KDC. State Farm has 8,000 employees at its regional HQ at CityLine.
Laurie says there were many domestic partners interested in the investment, but Mirae's interest in the office and retail properties made for the best partnership. Mirae has acquired many other real estate assets in Chicago, New Jersey, Washington, DC, Seattle and Hawaii.