Transwestern Investment Group, Mirae Asset close sale-leaseback in Atlanta
Transwestern Investment Group and Mirae Asset Global Investments Co. announce Corporate Properties Trust II LP, a partnership between Mirae and Transwestern Corporate Properties I Investor, has closed on the acquisition of a 591,000-square-foot Atlanta building in a sale-leaseback with State Farm Auto Insurance Co. The transaction mirrors the acquisition of the 2.2 million-square-foot State Farm campus in Dallas’ CityLine project last fall.
The partnership acquired Park Center I, a 13-story, LEED®-certified office tower situated on a seven-level parking structure with ground-floor retail. The class A building is uniquely located on 4 acres at Hammond Drive and Perimeter Center Parkway, directly adjacent to the new Dunwoody MARTA station. The below-grade parking structure also provides direct access to the two additional buildings in the complex, which are currently under construction. State Farm employees began moving into the new building in fourth quarter 2016.
Corporate Properties Trust II will own the properties through a REIT. The entity was created to allow long-term, stable ownership of high-grade, fully leased institutional properties, a structure that benefits the tenant and the investors. The investment will be managed by a wholly owned subsidiary of TIG.