Mirae Asset Global has recently completed the spin-off of CityLine, a 2.2 million square foot mixed-use property located in Richardson, Texas. The project boasts four purpose-built office buildings that are currently occupied by State Farm, as well as 120,000 square feet of retail space and a 42,000-square-foot medical office building. This acquisition was made by a firm led by former Phoenix Suns owner Robert Sarver.
The Mirae Asset Global team was represented by Newmark’s Chris Murphy.
According to Murphy, “CityLine is highly sought after due to its contractual lease obligations with investment-grade tenants. This provides investors with capital preservation and significant upside opportunities.”
Built in 2016 and situated on an expansive master-planned development spanning over 186 acres at the intersection of two major Dart Rail Lines , CityLine’s four office buildings serve as the centerpiece for this suburban community . In addition to these offices , there are also eight luxury apartment complexes , thirty restaurants and bars , a boutique Aloft hotel with148 rooms available for guests’ convenience,and twenty-one acres of green space complete with walking trails . These desirable amenities allow residents to easily explore their surroundings while enjoying all that CityLine has to offer .
This recent sale marks another successful transaction for Mirae Asset Global within the Richardson area.
