RICHARDSON, TX—Another sale-leaseback of a 2 million-square-footproperty in the Southwest signals the execution of a strategyStateFarm designed as a priority several years ago, saysLarry P. Heard, CEO of the Transwestern family ofcompanies. The closing of the Tempe, AZ transaction is the third ina series. This transaction resembles the acquisition of the 2.2million-square-foot State Farm campus in Dallas' CityLine project last fall and the 591,000-square-foot StateFarm campus in Atlanta this summer.
Corporate Properties Trust III LP closed on theacquisition of the property in a sale-leaseback with State FarmAuto Insurance Co., according to Transwestern InvestmentGroup. Transwestern believes the sale-leaseback structurehas benefited both parties. Charles Hazen,president of Transwestern Investment Group, recently discussed thesale-leaseback model in this exclusive.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
