Tuesday, June 25, 2013

Cigna Corporate Campus at Norterra Sold to Griffin Capital for $54.5m

VIZZDA—June 20th, 2013 — John Post of USAA Real Estate Company has completed the sale of the 232,648 ft2 Cigna Corporate Campus at Norterra to Griffin Capital for $54.5m or $234.26 per square foot. Griffin Capital—under the direction of Joseph Miller, its Chief Financial Officer—paid $6.2m in cash and encumbered the property under an existing $400m cross-collateralized deed of trust with Key Bank.

USAA Real Estate Company acquired a 127.83-acre parcel a portion of which comprises the land on which the project sits on January 5th, 2000 for $6.05m, representing $47,328 per acre and $1.08 per square foot prices. A 16.48 parcel was conveyed to an affiliate of USAA for $1,415,264 on may 3rd, 2000 and the complex was delivered to the market later that same year. The fully leased complex is comprised of two 3-story buildings of 116,324 ft2 each and two 4-story parking structures totaling 223,584 ft2.

The northern building of the complex, which is located north of the northeast corner of I-17 and Happy Valley Road, has been triple-net leased to Cigna Medical Group form October 1st, 2010 and Cigna leased space in the southern building commencing October 1st, 2011. The Cigna lease, comprising 100% of the rentable square feet of the complex was assigned to Griffin Capital at the time of sale, though their remaining term and any options to extend or terminate were not recorded.

Paul Dionne
Director of Analytics

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