Texas

IRVING, TEXAS — Colliers International has arranged the sale of Allstate’s Irving campus, a three-building office community comprising 458,338 square feet. The buildings are located at 8701-8711 and 8675 Freeport Parkway and 8901 Esters Blvd. in Irving. Cole Real Estate purchased the property from Allstate Insurance Co. in a sale-leaseback transaction. Creighton Stark and Ben Lurie of Colliers’ Dallas office, along with Bill Fausone of Colliers’ Chicago office, represented the seller. The buyer did not have a representative. Allstate has committed to a new, long-term lease at its Irving campus as part of the transaction.

MCALLEN, TEXAS — HFF has closed the sale of Neuhaus Tower, a 17-story, 242,693-square-foot office tower located at 200 S. 10th St. in McAllen. HFF represented the seller, an affiliate of Brookfield Asset Management Inc. HFF also arranged acquisition financing on behalf of the buyer, Cielo Realty Partners. The property is leased to multiple tenants, with JPMorgan Chase Bank anchoring the property.

ALLEN, TEXAS — Gladstone Commercial Corp., a publicly traded REIT, has acquired a two-story, 115,200-square-foot office building in Allen for $15.1 million. Eric Mackey, Gary Carr, John Alvarado and Robert Hill of CBRE brokered the transaction. Synovus Bank provided acquisition financing. The purchase of the two-tenant, fully leased property is in line with the company's strategy to expand beyond acquiring single-tenant properties, according to Buzz Cooper, senior managing director of Gladstone Commercial Corp.

RICHARDSON, TEXAS — KDC has begun construction on its 186-acre, $1.5 billion master-planned community in Richardson. The development is located near the intersection of President George Bush Turnpike and North Central Expressway. State Farm will lease 1.5 million square feet in three of the towers at the new development. The three Class A buildings include a 13-story, 15-story tower and 21-story towers, which are all situated on five-level parking structures and include ground-floor retail space. Once completed, State Farm will have the capacity to employ 8,000 staffers. Randy Cooper and Craig Wilson of Cassidy Turley represented State Farm in the lease transaction. Austin Commercial is the general contractor of the development, and Corgan Architects is providing design services for both the shell and interior of the properties. Including the three towers, the development will consist of 5 million square feet of office space, 300,000 square feet of grocery, retail and restaurant space, 3,925 multifamily units and two hotels. KDC is pursuing LEED Silver certification for the office towers, which are slated for occupancy in early 2015.