A three-building, 458,338-square-foot office campus along Freeport Parkway and Esters Boulevard in Irving has been acquired by Cole Real Estate Co., in a sale-leaseback deal with tenant Allstate Insurance Co. According to Colliers International, which put the deal together, it’s one of the largest sale-leaseback transactions since the last market downturn in 2008. Creighton Stark and Ben Lurie with the Capital Markets Group of Colliers Dallas, along with Bill Fausone, President of Colliers Chicago, represented Allstate in the direct deal with Cole. According to Lurie, the investor acquired the campus “not only because of the high quality of the property and its central Dallas-Fort Worth location, but also because of the tenant’s long-term lease and outstanding credit.” Allstate signed a new long-term lease at the property as part of the deal.
Print Friendly