RICHARDSON, TEXAS — Newmark has brokered the sale of CityLine, a 2.2 million-square-foot mixed-use development in Richardson, a northern suburb of Dallas. The price was undisclosed. The property consists of four State Farm Insurance-occupied office buildings, including 120,000 square feet of retail space, and an attached 42,000-square-foot medical office building.
Mirae Asset Global Investments was the seller. The buyer was a firm created by former Phoenix Suns owner Robert Sarver, according to The Dallas Morning News.
The office buildings, constructed in 2016, are the focal point of a master-planned, 186-acre development located at the connection of two major DART Rail lines. There are also eight luxury apartment complexes, 30 restaurants and bars, a 148-room Aloft hotel and 21 acres of green space and walking trails, none of which were included in the sale.
Dallas-Fort Worth office-using employment continues to remain near historical highs, according to Newmark. As of the end of August 2023, the metroplex reported 1.28 million office workers, an increase of 67.6 percent compared with 2010 and an increase of 21.5 percent compared with 2019.
“CityLine is a dynamic development, well situated to reap long-term appreciation as the metroplex continues to grow north,” says Chris Murphy, a vice chairman with Newmark. “Highly sought after due to the project’s contractual lease obligations from investment-grade tenancy, CityLine provides investors with capital preservation coupled with significant upside opportunities.”
Murphy, along with colleagues Robert Hill, Gary Carr, Kevin Shannon, Ken White and Alex Foshay, represented the seller. David Milestone, Josh Francis and Henry Cassiday of Newmark provided debt capital markets advisory in executing the sale.
A diversified global investment manager, Mirae Asset Global Investments was founded in Asia and now operates worldwide across 14 markets. The firm had $214 billion in assets under management as of June 2023.
— Kristin Harlow