$110M is there for Austin State Farm Assets

AUSTIN – W. P. Carey Inc., a real estate investment trust (REIT), has acquired the State Farm Operation Center at 8900 Amberglen Blvd. from State Farm Mutual Automobile Insurance Company for $110 million.

Through the sale-lease back deal, State Farm will lease the facility for an initial term of 15 years. The Class A facility spans 448,898 sf on 83.5 acres in AmberOaks Corporate Center, a 263-acre master-planned corporate park ten miles northwest of the CBD in Austin.

The campus has served as State Farm’s Operation Center since 1994. State Farm is a AA credit rated tenant.