August 10, 2017
Raytheon Corp.’s new 500,000-square-foot office campus in Richardson, TX sold to Property Reserve Inc., the real estate and investment arm of the Church of Jesus Christ of Latter-day Saints. KDC, which developed the property as part of its $1.5 billion CityLine mixed-use project, was the seller. The asset opened in 2016.
The sales price for the three-building complex on Bush Turnpike, east of Plano Road, was undisclosed. According to records, KDC paid off a $76.6 million construction loan on the property. Raytheon is occupying the buildings on a long-term lease that runs through 2026.
CBRE’s John Alvarado, Gary Carr, Eric Mackey, Robert Hill and Pete Van Amburgh brokered the deal.
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