APRIL 9, 2014

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JDM Partners pays $550m for 12 properties

by Andrea Waitrovich

JDM Partners has purchased 12 properties from Lone Star Funds for $550.1 million.  All the office properties are fully leased to State Farm.

Eastdil Secured represented the seller. UBS originated fixed-rate loans on the properties.

The properties were part of a 6.2 million-square-foot portfolio that Lone Star bought from State Farm last year for $720 million. The buildings, which State Farm uses as operations centers, are in 11 states. Many have been renovated, and all have full-service cafeterias and substantial parking.

JDM acquired properties in Ballston Spa, N.Y.; Birmingham, Ala.; Charlottesville, Va.; Columbia, S.C.; Greeley, Colo.; Jacksonville, Fla.; Lincoln, Neb.; Murfreesboro, Tenn.; New Albany, Ohio; Newark,

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