{"id":1004688317,"date":"2023-11-01T03:51:41","date_gmt":"2023-11-01T11:51:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004688317"},"modified":"2023-11-01T08:37:03","modified_gmt":"2023-11-01T16:37:03","slug":"mirae-transwestern-sell-2-2-msf-dfw-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mirae-transwestern-sell-2-2-msf-dfw-campus\/","title":{"rendered":"Mirae, Transwestern Sell DFW Campus"},"content":{"rendered":"<div id=\"attachment_1004688326\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/State-Farm-CityLine-Cover-e1698835346762.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004688326\" data-attachment-id=\"1004688326\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/mirae-transwestern-sell-2-2-msf-dfw-campus\/state-farm-cityline-cover\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/State-Farm-CityLine-Cover-e1698835346762.jpg\" data-orig-size=\"3600,2700\" 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=\"State Farm CityLine Cover\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Newmark negotiated the sale of CityLine&#8217;s office component. Image courtesy of Newmark&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/State-Farm-CityLine-Cover-e1698835346762.jpg?w=1024\" class=\"wp-image-1004688326 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/State-Farm-CityLine-Cover-e1698835346762.jpg?w=300\" alt=\"State Farm CityLine Cover\" width=\"300\" height=\"225\" \/><\/a><p id=\"caption-attachment-1004688326\" class=\"wp-caption-text\">State Farm is the sole occupant of all purpose-built office space at CityLine. <em>Image courtesy of Newmark<\/em><\/p><\/div>\n<p>A partnership between <strong>Mirae Asset Global Investments<\/strong> and <strong>Transwestern <\/strong>has sold the office component of CityLine, a 186-acre, 2.2 million-square-foot mixed-use complex in Richardson, Texas. <strong>Newmark<\/strong> negotiated the deal and provided debt capital markets advisory services for the seller.<\/p>\n<p>The buyer is a real estate investment firm owned by Robert Sarver, Arizona-based businessman and former owner of the Phoenix Suns basketball team, the <em><a href=\"https:\/\/www.dallasnews.com\/business\/real-estate\/2023\/10\/31\/richardsons-huge-cityline-campus-sells-in-one-of-biggest-deals-of-2023\/\" target=\"_blank\" rel=\"noopener\">Dallas Morning News reported<\/a><\/em>. The deal marks one of the largest office transactions so far in 2023.<\/p>\n<p>State Farm currently fully occupies the portfolio\u2019s purpose-built office space. The asset last changed hands in 2016, when the partnership picked it up in an $825 million portfolio deal from KDC, according to CommercialEdge data.<\/p>\n<p>CityLine&#8217;s office component consists of:<\/p>\n<ul>\n<li>A 347,560-square-foot, 13-story Class A office building at 1150 State St.<\/li>\n<li>A 729,580-square-foot, 21-story Class A office building at 1201 State St.<\/li>\n<li>A 471,332-square-foot, 15-story Class A office building at 1251 State St.<\/li>\n<li>A 480,000-square-foot, 12-story Class A office building at 1415 State St.<\/li>\n<li>A 42,000-square-foot medical office building at 3661 N. Plano Road, CommercialEdge data shows.<\/li>\n<\/ul>\n<hr \/>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/seeking-the-right-back-to-work-formula\/\"><span class=\"fl-heading-text\">Creating a Winning Back-to-the-Office Formula<\/span><\/a><\/p>\n<hr \/>\n<p>Constructed between 2013 and 2016, the four purpose-built office buildings include 37,500-square-foot floorplates, a total of 36 passenger elevators, 120,000 square feet of retail space across all buildings, along with a total of 6,535 vehicle parking spots, according to the same source. Retail tenants include Good Union, Starbucks and Nestle, among others.<\/p>\n<p>CityLine is close to U.S. Route 75 and President George Bush Turnpike, as well as to downtown Plano, Texas, being 18 miles from downtown Dallas, 27 miles from Dallas-Fort Worth International Airport and within 46 miles of Fort Worth.<\/p>\n<p>Newmark&#8217;s team of Vice Chairmen Robert Hill, Gary Carr and Chris Murphy, together with Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairman Ken White and Divisional Head of International Capital Markets Alex Foshay worked on behalf of the seller. The company&#8217;s Vice Chairman David Milestone and Directors Henry Cassiday and Josh Francis provided debt capital and market advisory during negotiations.<\/p>\n<h2>Recent deals in DFW<\/h2>\n<p>Last month, Newmark brokered another significant office deal in Dallas: M-M Properties sold <a href=\"https:\/\/www.commercialsearch.com\/news\/m-m-properties-sells-1-2-msf-office-building-in-dallas\/\" target=\"_blank\" rel=\"noopener\">Plaza of The Americas<\/a>, a 1.2 million-square-foot property in the city&#8217;s downtown. Shelbourne Global Solutions picked up the 25-story office tower. Earlier in March, Reserve Capital Partners and Trinity Investors <a href=\"https:\/\/www.commercialsearch.com\/news\/irving-262ksf-office-asset-changes-hands\/\" target=\"_blank\" rel=\"noopener\">purchased Crestview Tower<\/a>, a 262,962-square-foot office building in Irving, Texas. The property last changed hands almost a decade ago.<\/p>\n<p>Year-to-date through September, Dallas-Fort Worth recorded $628 million in office sales, a <a href=\"https:\/\/www.commercialsearch.com\/news\/suburban-offices-embrace-amenities-and-change\/\">recent CommercialEdge report<\/a> shows. Properties changed hands at an average price per square foot of $185, slightly lower than the national average of $198 per square foot.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The mixed-use CityLine portfolio previously changed hands for $825 million.<\/p>\n","protected":false},"author":2991,"featured_media":1004688326,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21783,21752,21742,21747,51973],"tags":[37024,50999,33313],"class_list":["post-1004688317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-investment","category-mixed-use","category-latest","category-office","category-southwest","tag-mirae-asset-global-investments","tag-newmark","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>Mirae, Transwestern Sell DFW Campus - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Mirae Asset Global Investments and Transwestern sold CityLine, a 186-acre, 2.2 million-square-foot mixed-use portfolio in Richardson, Texas.\" \/>\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\/mirae-transwestern-sell-2-2-msf-dfw-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mirae, Transwestern Sell DFW Campus\" \/>\n<meta property=\"og:description\" content=\"Mirae Asset Global Investments and Transwestern sold CityLine, a 186-acre, 2.2 million-square-foot mixed-use portfolio in Richardson, Texas.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/mirae-transwestern-sell-2-2-msf-dfw-campus\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-01T11:51:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-01T16:37:03+00:00\" \/>\n<meta name=\"author\" content=\"Simona Tudose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/State-Farm-CityLine-Cover-e1698835346762.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mirae-transwestern-sell-2-2-msf-dfw-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/mirae-transwestern-sell-2-2-msf-dfw-campus\/\",\"name\":\"Mirae, Transwestern Sell DFW Campus - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mirae-transwestern-sell-2-2-msf-dfw-campus\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mirae-transwestern-sell-2-2-msf-dfw-campus\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/State-Farm-CityLine-Cover-e1698835346762.jpg\",\"datePublished\":\"2023-11-01T11:51:41+00:00\",\"dateModified\":\"2023-11-01T16:37:03+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/4659e2337f06b61cefc6b0b897d183a4\"},\"description\":\"Mirae Asset Global Investments and Transwestern sold CityLine, a 186-acre, 2.2 million-square-foot mixed-use portfolio in Richardson, Texas.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mirae-transwestern-sell-2-2-msf-dfw-campus\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/mirae-transwestern-sell-2-2-msf-dfw-campus\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mirae-transwestern-sell-2-2-msf-dfw-campus\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/State-Farm-CityLine-Cover-e1698835346762.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/State-Farm-CityLine-Cover-e1698835346762.jpg\",\"width\":3600,\"height\":2700,\"caption\":\"Newmark negotiated the sale of CityLine's office component. 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