JDM Nabs USAA Offices in Florida, Texas
JDM Partners has agreed to pay USAA Real Estate nearly $385 million for two office complexes in suburban Tampa and Dallas.
The properties, encompassing 873,000 square feet, are fully occupied by the seller’s parent company, San Antonio insurer USAA, under leases with 13 years remaining. If the deal closes at the price of around $440/sf, the initial annual yield will be just under 5.5%.
Cushman & Wakefield pitched the properties as a package deal, although USAA was also willing to entertain bids for individual sales. Phoenix-based JDM is an investment-management firm co-founded by former Phoenix Suns owner Jerry Colangelo.
The larger complex is the 497,000-sf Crosstown Center 1&2, at 9527 & 9519 Delaney Creek Boulevard in the Tampa suburb of Brandon, Fla. Crosstown Center 1 (261,000 sf) was completed in 2015, and Crosstown Center 2 (237,000 sf) opened this year. USAA has had operations in the area since 1993.
The other property is the 384,000-sf Legacy Corporate Center 1-3, at 5601 Legacy Drive and 7300 Parkwood Boulevard in Plano, Texas. The complex was developed in phases, with the largest of its three buildings, at 145,000 sf, completed this year.
CORRECTION (7/18/19): This article has been revised. The original version gave an incorrect address for Legacy Corporate Center 1-3, which is at 5601 Legacy Drive and 7300 Parkwood Boulevard in Plano, Tex.