KDC, a number one company developer and funding agency, has acquired two workplace buildings, totaling 1,054,108 sq. toes in Park Heart, within the north Atlanta suburb of Dunwoody in a sale-leaseback with State Farm.
The acquisition consists of two workplace buildings, Park Heart Buildings 2 and three, that are leased by State Farm together with 39,152 sq. toes of retail house. A parking construction with 4,223 parking areas and a 2.56-acre parcel for future growth are additionally included within the acquisition.
“The sale-leaseback of the 2 workplace towers presents an amazing alternative for KDC to personal these superb properties in a rising market. Because the developer of two campuses for State Farm – the CityLine growth in Richardson, Texas, and Park Heart in Atlanta, it’s rewarding to be working with State Farm on one other transaction,” mentioned Toby Grove, President of KDC.
Northmarq’s Dallas debt/fairness workforce of Phillip Askew, Ronald Reese, and Charlie Robinson, organized financing for KDC’s acquisition by way of its life insurance coverage firm relationships.
“KDC now possesses a state-of-the-art class A workplace venture, which was acquired in a sale leaseback construction from State Farm and likewise included the adjoining tract for future growth,” defined Askew.
KDC bought the property using its inner capitalization, which was established with the funding by Cadillac Fairview in 2021, together with ongoing possession and funding from KDC and Compatriot Capital. KDC has began the planning, design, and growth of future phases of Park Heart with specifics to be decided.
KDC was the unique developer of Park Heart, the 17-acre master-planned, transit-oriented venture. The bottom-up company workplace venture was the most important of its type in Metro Atlanta’s historical past on the time of its building. Park Heart 2 is a 621,000-square-foot workplace tower with greater than 39,000 sq. toes of retail house that was accomplished in 2020. Park Heart Constructing 3, is a 440,000-square-foot workplace tower accomplished in 2021. The Class A buildings are situated on 12.2 acres at Hammond Drive and Perimeter Heart Parkway, adjoining to the Dunwoody MARTA station. KDC kicked off Park Heart with the development of Park Heart Constructing 1, which was accomplished in 2016 and incorporates a further 620,000 sq. toes.
KDC is engaged on a number of initiatives in North Texas together with Impartial Monetary Part 2 headquarters in McKinney and Epic Part 2 in Deep Ellum. KDC just lately accomplished Kids’s Advocacy Heart of Collin County and Jubilee Park Group Clinic. Different deliberate initiatives embrace the Parkside Uptown tower overlooking Klyde Warren Park, three towers at CityLine in Richardson, together with workplace house at Fields in Frisco and Legacy West. In North Carolina, KDC is concerned with the Analysis Triangle Basis and the mixed-use Hub RTP venture, which is about to interrupt floor on new workplace, retail, residential and life sciences initiatives within the coming weeks.