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.
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