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Salt Lake City-based Property Reserve Inc. purchased Raytheon’s CityLine campus from KDC. The three-building, 500K SF campus that cost $100M to develop is now owned by the investment arm of the Church of Jesus Christ of Latter-day Saints, the Dallas Morning News reports.
At the time of the sale, KDC paid off a $77M construction loan on the property, according to county deeds. Additional terms were not disclosed.
CBRE's John Alvarado, Gary Carr, Eric Mackey, Robert Hill and Pete VanAmburgh marketed the buildings for KDC.
Nearly 1,700 employees work at the office at President George Bush Turnpike and Plano Road that was completed in 2016. Raytheon’s lease runs through 2026.
This is the second high-profile purchase in the area in the last year. Transwestern Investment Group and Seoul-based Mirae Asset Global Investments bought State Farm’s 2.2M SF CityLine campus for $825M.
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