December 8, 2017
Corporate Properties Trust III LP, a partnership between Transwestern Investment Group (TIG) and JDM Partners LLC, closed on the acquisition of a two-million-square-foot Tempe, AZ property in a reported $928-million sale-leaseback with State Farm Automobile Insurance Co. The partnership acquired Marina Heights, a five-building, USGBC LEED-certified office campus spanning 20 acres with ground-floor retail, restaurants and other amenities at 300 – 600 Rio Salado Parkway.
TIG’s Collin Comer says, “Marina Heights is a world-class project to add to our portfolio,” pointing out benefits including “steady cash flows generated from the long-term lease with State Farm and stable, long-term ownership and management for the tenants.”
The Class A-plus asset is located between Arizona State University and Tempe Town Lake, providing access to Loop 202 and proximity to Phoenix Sky International Airport, as well as a future Tempe Streetcar stop.
King & Spalding served as legal adviser, and Eastdil Secured was the debt capital adviser.
For comments, questions or concerns, please contact Dennis Kaiser