Transwestern Investment Management (TIM) today announced it purchased 5320 Legacy Drive at The Campus at Legacy. The project, an approximately 379,404 square foot office building located in Plano, Texas, was acquired with equity partner, State Farm Life Insurance Company. The building is entirely occupied by Denbury Resources, Inc., an oil and natural gas producer, and serves as its corporate headquarters.
5320 Legacy Drive is one of three buildings in The Campus at Legacy. The business park was recently redeveloped to meet the level of quality and amenities necessary to attract and retain major corporate users. The redevelopment earned the property Leadership in Energy and Environmental Design (LEED®) certification from the U.S. Green Building Council (USGBC) in 2011.
According to Laurie Dotter, president of TIM, "Our acquisition of the 5320 Legacy is consistent with our objective to acquire assets on behalf of State Farm which meet specific investment criteria in terms of location, asset quality, and tenancy. The investment property is expected to provide stable cash flows and maintain its competitive position over a long term period."
In the competitive market for quality core assets of this size, a significant level of coordination is required. The acquisition was executed by Transwestern Investment Management under the direction of Collin Comer, Managing Director, National Acquisitions and Jonathan Napper, Vice President, Acquisitions. Jonathan provided the following, "Once the investment team determined we could acquire the asset at an attractive basis that met our client's investment objectives, we were able to work effectively with the seller and their representatives to quickly execute the transaction."
About Transwestern Investment Management:Transwestern Investment Management ("TIM") is a privately-held, operationally independent investment advisory firm with the experience and capabilities to customize investment strategies to address changing risks and opportunities in the U.S. real estate markets. The firm is a subsidiary of Transwestern Investment Group, the real estate investment firm serving a broad range of clients through a diversified array of vehicles including separate accounts, joint ventures and programmatic funds.The firm's operating structure is designed to enhance investment and asset management decision-making, accountability, and risk management to positively impact clients' investment performance. Clients benefit from Transwestern's national best-in-class services, access to penetrating local market insight and research, enhanced access to opportunities and superior local execution capabilities.For more information, visit www.transwesterninvest.net