JDM Partners Acquires State Farm Operations Center in $73m Sale-Leaseback

VIZZDA—May 24th 2013 — Following its $14.2m acquisition of Warner Crossing Lot 3 earlier this month, JDM Partners has acquired Sunland at Fountainhead Corporate Park—also known as the Regional Operations Center for State Farm Auto—for $73m or $184.41 per square foot. JDM Partners Inc. paid $25.55m in cash for the property and secured an additional $47.54m in funding from Wells Fargo. As a condition of the sale, State Farm agreed to lease the property from JDM Partners for a period of ten years with two 5-year options to extend, commencing immediately. John Higgins, Senior Investment Officer for State Farm Mutual Automobile Insurance Co., and Mel Shultz of JDM Partners, Inc. were signatories to the deal.

The seven building complex north of the northwest corner of Priest Drive and Southern Avenue in Tempe is comprised of four 3-story office buildings totaling 353,967 ft2 and one 1-story warehouse with a 24’ clear totaling 42,867 ft2. The property also includes two above grade parking structures totaling 348,614 ft2. The built-to-suit complex was completed in 1999 at the behest of State Farm on 20.95 gross acres, zoned GID. State Farm acquired the property as approximately 46.35 acres with existing structures on May 5th, 2005 in a related transaction. State Farm sold a 25.4 acre portion of their original acquisition—including a 236,742 ft2 existing office building to First National Bank on April 30th, 2003 for $9.25m.

By:

Paul Dionne

Director of Analytics

Vizzda.com

Lexington Property Trust Acquires SCF Tower in $53.2m Sale-Leaseback

VIZZDA—December 21st, 2012 — Lexington Realty Trust has acquired the 14-story headquarters of the State Compensation Fund of Arizona (SCF Arizona) for $52.3m in a sale-leaseback transaction. Rick Degraw was signatory for SCF Arizona in the transaction, while Lexington Realty Trust was represented by its Vice President Diane Fox and Executive Vice President Lara Johnson. 

The 2.32-acre parcel on which the tower sits and the 267,330 ft2 below-grade parking facility were acquired by SCF Arizona on October 17th, 1986 with no Affidavit of Value or new debt recorded with sale. The tower itself totals 269,848 ft2 per the Maricopa County Assessor and was built-to-suit SCF Arizona in 1995. It features several dining options, a gym and a rooftop helipad; it is sometimes referred to as the Abacus Tower.

Lexington Property Trust paid cash for the property and signed a lease with SCF Arizona as landlord and tenant, respectively, commencing January 1st, 2013 and concluding December 31st, 2029 with two 5-year options to extend. The $52.3m price tag represents a $210.78 price per square foot.

 

By:

Paul Dionne

Director of Analytics

Vizzda.com