November 02, 2023
DALLAS – Transwestern Investment Group (TIG®) announces the sale of a mixed-use portfolio including four office buildings, retail, and medical office located within the CityLine development in Richardson, Texas. The assets are 97% occupied and were sold on behalf of undisclosed clients for which TIG provides asset management services.
“Richardson’s highly-skilled workforce and robust local amenity base, coupled with its superior access to the Dallas-Fort Worth metroplex, made this a compelling investment opportunity for new ownership,” said Jim Elsener, Director of Asset Management at TIG.
Located at the intersection of US-75 and President George Bush Turnpike, the assets comprise more than 2 million square feet of office space, 120,000 square feet of retail and a 42,000-square-foot medical office building. The portfolio is the focal point of the master-planned CityLine community, a 186-acre mixed-use development featuring eight luxury apartment complexes, 30 restaurants and bars, a 148-key Aloft hotel, and 21 acres of green space and walking trails.
CityLine sits at the connection of two major DART light-rail lines, offering direct access to the Dallas-Fort Worth metroplex, and is located less than 30 minutes from Dallas/Fort Worth International Airport and Dallas Love Field Airport.
Newmark represented the seller in the transaction.
A photo is available for download here.
About Transwestern Investment Group
Transwestern Investment Group (TIG®), a real estate investment adviser, seeks to provide value to institutional clients through what we believe to be compelling, thematic investment opportunities across property types and risk profiles within the United States. Part of the Transwestern companies, we have sourced and executed more than $7 billion of real estate investments to date in 26 markets.
Five dynamic, integrated companies make up the Transwestern enterprise, giving us the perspective to think broadly, deeply and creatively about commercial real estate. Through offices nationwide, we positively impact the built environment and our communities while fostering a work climate that champions career vitality for all. Learn more at transwestern.com and @Transwestern.
This document does not constitute an offer, solicitation or recommendation to sell or an offer to buy any securities, investment products or investment advisory services. Any offer or solicitation will be made only pursuant to a confidential private placement memorandum and subscription documents (the “Offering Materials”) and will be subject to the terms and conditions contained in such Offering Materials.