The CityLine mixed-use corporate campus located between Plano and Richardson, Texas, has traded hands once again in what is touted to mark a record sale. Although the price was not disclosed, statements released by Newmark (which facilitated the acquisition) indicated that the deal marked the largest 2023 office transaction in North America by square footage at the time of sale.
Built on nearly 190 acres, the 2.2-million-square-foot, mixed-use property includes four purpose-built office buildings that have been anchored by State Farm since 2015; 120,000 square feet of retail space; and a 42,000-square-foot medical office building.
The Newmark team that worked on behalf of the seller included vice chairmen Robert Hill, Gary Carr, Ken White, and Chris Murphy; Co-Head, U.S. Capital Markets, Kevin Shannon; and Divisional Head of International Capital Markets, Alex Foshay. Additionally, the firm provided debt capital and market advisory through Vice Chairman David Milestone and directors Henry Cassiday and Josh Francis.
According to property records obtained by the Dallas Morning News, the property was acquired by a real estate investment firm created by Robert Sarver, an Arizona businessman and former owner of the Phoenix Suns.
A partnership of Mirae Asset Global Investments and Transwestern had purchased the property from KDC in 2016 as part of an $825 million portfolio deal.
Located at the intersection of U.S. 75 and President George Bush Turnpike and connected to two major Dart Rail lines, the property was developed to embody a live-work-play environment. The four office buildings — constructed in 2016 — are the focal point of the master-planned, 186-acre suburban development. Consisting of eight luxury apartment complexes; 30 restaurants and bars; a 148-key Aloft hotel; and 21 acres of green space and walking trails, the project has a lot to offer in terms of contemporary walkability and desirable amenities.
“CityLine is a dynamic development well-situated to reap long-term appreciation as the Metroplex continues to grow north,” Murphy said. “Highly sought-after due to the project’s contractual lease obligations from investment-grade tenancy, CityLine provided investors with capital preservation, coupled with significant upside opportunities.”
CommercialEdge Research data shows that the project’s office component includes:
- CityLine I: A 13-story building at 1150 State St. that encompasses 347,560 square feet of class A East Dallas County office space
- CityLine II: A 21-story, class A office building located at 1201 State St. that incorporates 729,580 square feet
- CityLine III: A 15-story, class A office building at 1251 State St. with 471,332 square feet
- CityLine IV: A 12-story office building at 1415 State St. that includes 480,000 square feet of class A space
- A medical office building of 42,000 square feet located at 3661 N. Plano Road
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