Developer KDC has sold the recently developed four-story office campus that houses Raytheon Corp. in Richardson, Texas, to Property Reserve Inc., a real estate and investment unit of the Church of Jesus Christ of Latter-day Saints, The Dallas Morning News reported.
While terms of the deal were not disclosed, the Aug. 7 report noted that the three-building, 500,000-square-foot complex on Bush Turnpike had a development cost of nearly $100 million. Raytheon has a long-term lease on the property, which was completed in early 2016, through 2026, the report added.
Meanwhile, KDC settled a $76.6 million construction loan on the asset, the report added, citing deed records from Collin County.
The property forms part of the developer's $1.5 billion, 186-acre CityLine project, which also features retail space, restaurants, a hotel and apartments.