{"id":1004185487,"date":"2017-07-31T03:18:04","date_gmt":"2017-07-31T11:18:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004185487"},"modified":"2022-12-08T18:53:58","modified_gmt":"2022-12-09T02:53:58","slug":"transwestern-mirae-state-farm-close-atl-sale-leaseback","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/transwestern-mirae-state-farm-close-atl-sale-leaseback\/","title":{"rendered":"Transwestern, Mirae, State Farm Close ATL Sale-Leaseback"},"content":{"rendered":"<p>By Scott Baltic, Contributing Editor<\/p>\n<div id=\"attachment_1004185491\" style=\"width: 364px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/statefarm.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004185491\" data-attachment-id=\"1004185491\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/transwestern-mirae-state-farm-close-atl-sale-leaseback\/statefarm-800x620\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/statefarm-800x620.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"statefarm 800&#215;620\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/statefarm-800x620.jpg?w=800\" loading=\"lazy\" class=\"wp-image-1004185491\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/statefarm.jpg\" alt=\"Park Center I\" width=\"354\" height=\"275\" \/><\/a><p id=\"caption-attachment-1004185491\" class=\"wp-caption-text\">Park Center I<\/p><\/div>\n<p>A partnership between an affiliate of Transwestern Investment Group and Seoul, South Korea\u2013based Mirae Asset Global Investments Co. has completed the acquisition of a 591,000-square-foot Class A Atlanta building in a sale-leaseback with State Farm Auto Insurance Co.<\/p>\n<p><em>&#8220;This acquisition will provide stable cash flows generated from the long-term lease with State Farm, an investment-grade tenant. The ownership entity was designed to provide benefits to the tenant through stable, long-term ownership and management,\u201d\u00a0<\/em>Laurie Dotter, president of Transwestern Corporate Properties, said in a prepared statement.<\/p>\n<p>The building is Park Center I, the first of three planned buildings that KDC\u00a0is developing at its 1.7-million-square-foot Park Center campus in Atlanta\u2019s Central Perimeter submarket, adjacent to the new Dunwoody MARTA station.<\/p>\n<p>The 13-story Park Center I is LEED certified and sits on a seven-level parking structure with ground-floor retail. The below-grade parking structure also gives direct access to the two further buildings in the complex, which are currently under construction.<\/p>\n<p><em>&#8220;Park Center I, a core office backed with a credit tenant, is consistent with our investment strategy to achieve stable, long-term cash flow for our clients,\u201d\u00a0<\/em>added\u00a0From Chang Hoon Choi, head of Mirae\u2019s Real Estate Business Unit.<\/p>\n<p>The TIG\/Mirae partnership, Corporate Properties Trust II LP, will own the properties through a REIT, and the investment will be managed by a wholly owned subsidiary of TIG.<\/p>\n<p>The legal adviser was King &amp; Spalding, the debt capital adviser was Eastdil Secured and the tax adviser was EY.<\/p>\n<h2>Past endeavors<\/h2>\n<p>This transaction follows the even bigger sale-leaseback last October of the four-building, 2.2 million-square-foot State Farm campus in Dallas\u2019 186-acre CityLine mixed-use project.<\/p>\n<p>Though the parties declined to disclose the financials on that deal last fall, reporting by Commercial Property Executive pegged the dollar amount at north of $800 million, likely a <a href=\"https:\/\/www.commercialsearch.com\/news\/transwestern-mirae-pay-hefty-price-for-state-farm-campus\/\">Dallas\u2013Fort Worth\u00a0record transaction<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The building is Park Center I, a 13-story, LEED-certified office tower with ground-floor retail and seven levels of parking. The deal falls in line with the partnership&#8217;s investment strategy to achieve stable, long-term cash flow for its clients.<\/p>\n","protected":false},"author":882,"featured_media":1004185491,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21784,21743,21808,21783,21742,21747],"tags":[33101,32779,37024,36577,33313],"class_list":["post-1004185487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-brokerage","category-deals","category-featured","category-investment","category-latest","category-office","tag-eastdil-secured","tag-leed","tag-mirae-asset-global-investments","tag-state-farm-life-insurance","tag-transwestern"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Transwestern, Mirae, State Farm Close ATL Sale-Leaseback - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/transwestern-mirae-state-farm-close-atl-sale-leaseback\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Transwestern, Mirae, State Farm Close ATL Sale-Leaseback\" \/>\n<meta property=\"og:description\" content=\"The building is Park Center I, a 13-story, LEED-certified office tower with ground-floor retail and seven levels of parking. 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