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TRANSWESTERN INVESTMENT GROUP SELLS MIXED-USE DEVELOPMENT IN RICHARDSON, TEXAS
(NOV. 2, 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.
ABOUT TRANSWESTERN INVESTMENT GROUP
Transwestern Investment Group (TIG®) is a real estate investment adviser with $5.0 billion of assets under management. The firm serves a broad range of institutional and high-net-worth investors with its full-service investment management and Transwestern’s integrated operating platform.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for investors across commercial real estate services, development, investment management, and opportunistic endeavors for high-net-worth investors. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. 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.