Raytheon’s Richardson Campus Sells to LDS

Raytheon Corp.’s new 500,000-square-foot office campus in Richardson, TX sold to Property Reserve Inc., the real estate and investment arm of the Church of Jesus Christ of Latter-day Saints. KDC, which developed the property as part of its $1.5 billion CityLine mixed-use project, was the seller. The asset opened in 2016.

The sales price for the three-building complex on Bush Turnpike, east of Plano Road, was undisclosed. According to records, KDC paid off a $76.6 million construction loan on the property. Raytheon is occupying the buildings on a long-term lease that runs through 2026.

CBRE’s John Alvarado, Gary Carr, Eric Mackey, Robert Hill and Pete Van Amburgh brokered the deal.

For comments, questions or concerns, please contact Amy Sorter