King & Spalding advised Transwestern Investment Group on a joint venture with Phoenix-based investment manager JDM Partners, and also advised the joint venture in its sale-leaseback with State Farm Auto Insurance Co. of Marina Heights a 2-million-square-foot, five-building project in Tempe, Arizona. King & Spalding also advised the joint venture on the debt financing associated with the transaction.
The office campus spans 20 acres offering ground-floor retail, restaurants and other amenities and is strategically located between Arizona State University and Tempe Town Lake. Marina Heights will be a future stop for the Tempe Streetcar, directly connecting the campus to the airport, downtown and central Phoenix, as well as west Mesa via the Valley Metro Light Rail.
The King & Spalding real estate industry team on this transaction was led by partner Mark Thigpen and includes Chris McCoy, Natalie Gordon, Doug Elsbeck, Sheryl Kass and Seth Taylor. This transaction resembles TIG’s acquisition of the 2.2 million-square-foot State Farm campus in Dallas’ CityLine project last fall and the 591,000-square-foot State Farm campus in Atlanta this summer. King & Spalding advised TIG on each of these transactions.