DALLAS, Oct. 31, 2016 (GLOBE NEWSWIRE) — Corporate Properties Trust I LP, a partnership of Transwestern Investment Group and Mirae Asset Global Investments Co, has closed on the acquisition of a 2.2 million-square-foot, mixed-use project in a sale-leaseback with State Farm Auto Insurance Co.
The partnership acquired the four primary office/retail towers, with connected structured parking garages, located in the CityLine development, a 186-acre, mixed-use project developed by KDC. The buildings are designated LEED® Gold and are located immediately adjacent to a primary DART rail line.
“We are pleased to partner with Mirae on this notable project,” said Laurie Dotter, president of Transwestern Investment Group. “With the formation of Corporate Properties Trust I, we will provide our investment partner attractive, long-term investment returns generated primarily from the office leases with an outstanding, investment-grade tenant, State Farm.”
Corporate Properties Trust I LP 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 which benefits the tenant and the investors. The investment will be managed by a wholly owned subsidiary of Transwestern Investment Group, a SEC Registered Investment Advisor.
Mirae has provided its clients, institutional and retail investors in Asia, with other attractive real estate investment opportunities in the U.S. In the last four years, Mirae has acquired institutional-quality real estate assets in Chicago, New Jersey, Washington, D.C., Seattle and Hawaii.
“It was a valuable opportunity for Mirae to partner with Transwestern in pursuing this long-term, high-quality investment,” said Chang Hoon Choi, head of Mirae’s Real Estate Business Unit. “This investment is consistent with our strategy to enhance our global footprints, and we look forward to working together on new initiatives going forth.”
Located at 1150, 1201 and 1251 State St. and 3661 N. Plano Road, the buildings will house approximately 8,000 State Farm employees. CityLine, which is located at the southeast corner of Highway 75 and the President George Bush Turnpike, will also ultimately include 1,700 luxury apartments, a 150-room boutique hotel, an entertainment center, a medical office facility, a Dallas Area Rapid Transit stop, retail, restaurants and a 3.5-acre park.
ABOUT MIRAE ASSET GLOBAL INVESTMENTS CO.
Mirae Asset Global Investments is the investment arm of Mirae Asset Financial Group, an independent financial services firm headquartered in Seoul. This group executes the firm’s investments across at least a dozen markets globally and was the first asset manager to be registered in Korea, with assets under management as of October 31, 2016 totaling approximately $100 billion. Its real estate investments total approximately $6.0 billion in invested equity, with a total asset value of approximately $11.6 billion, which includes 49 investments since 2004 and 33 currently held investments. Mirae’s most recent real estate investments are located in cities including Seoul, Shanghai, Sydney, Sao Paulo, Chicago, Washington, D.C., Seattle, and Hawaii. U.S. investments include the Fairmont San Francisco, The Fairmont Orchid in Hawaii, 225 West Wacker Drive in Chicago, 2550 M Street and 1801 K Street in Washington, D.C., Amazon.com Phase VIII in Seattle, CityLine State Farm in Dallas, and Hyatt Regency Waikiki in Hawaii.
ABOUT TRANSWESTERN INVESTMENT GROUP
Transwestern Investment Group is an investment advisor serving a broad range of investors through a diversified array of discretionary and non-discretionary investment vehicles. Our client-focused, relationship driven approach ensures our priorities are our clients’ investment objectives. With $3 billion of assets under management, trust, integrity and transparency are the cornerstones of our business. Transwestern Investment Group provides tactical investment management with an integrated operating platform through the Transwestern family of companies, which includes a diversified real estate services firm with 34 U.S. offices and a development company. For more information, please visit transwesterninvest.com.
Media Contact:Stefanie Lewis713.email@example.com@transwestern.com