Richardson’s CityLine Sold by Mirae Asset Global

Mirae Asset Global has spun off CityLine, a 2.2 million square foot mixed-use property in Richardson, Texas. The project is comprised of four purpose-built office buildings, occupied by State Farm, 120,000 square feet of retail space and a 42,000-square-foot medical office building. The building was acquired by a firm created by former Phoenix Suns owner Robert Sarver.

A Newmark team headed up by Chris Murphy represented Mirae Asset Global.

“Highly sought after due to the project’s contractual lease obligations from investment-grade tenancy, CityLine provided investors with capital preservation, coupled with significant upside opportunities,” said Murphy. 

The four office buildings, constructed in 2016, are the focal point of the master-planned, 186-acre suburban development located at the connection of two major Dart Rail Lines. Consisting of eight luxury apartment complexes, 30 restaurants and bars, a 148-key Aloft hotel and 21 acres of green space and walking trails, the project allows people to stroll the grounds and has a number of desirable amenities.