State Farm campus ownership changes, again

GREELEY – An affiliate of Phoenix-based JDM Partners LLC, former owner of the Phoenix Suns and Arizona Diamondbacks, paid $60.8 million recently for the State Farm Insurance campus at 1555 Promontory Circle in Greeley.

The deal comes just a few months after Dallas-based private equity firm Lone Star Funds purchased the 55.5-acre campus from State Farm for more than $52.7 million in a sale and lease-back arrangement.

JDM is a partnership of Jerry Colangelo, David Eaton and Mel Shultz. Colangelo is a well-known sports executive who is managing director of the USA Olympic men’s basketball team. JDM has a major focus on real estate development, and manages a pair of real estate investment funds, according to the company’s website.

Weld County property records show that JDM Partners’ JDM II SF National LLC bought the Greeley property from LSREF2 Tractor REO LLC, an affiliate of Lone Star, which reportedly purchased a portfolio of about two dozen State Farm properties last fall in similar lease-back deals.

State Farm’s Greeley Operations Center, built in the early 2000s, includes three buildings that total more than 400,000 square feet. The site also includes undeveloped land to the southwest of the State Farm buildings.

State Farm has 1,300 employees at the site. State Farm spokeswoman Angela Thorpe said the sale “does not impact our lease agreement.” She said State Farm has a 15-year lease on its central building, a 10-year lease on its south building, and a five-year lease on its north building. Each of those deals includes two five-year renewal options, she said.

“State Farm will serve customers from this location and will continue to lease, occupy and maintain the buildings as we do today,” Thorpe said.

Officials for Lone Star Funds declined to comment on the deal, and an official with JDM Partners couldn’t immediately be reached.

JDM last year paid a reported $73 million for State Farm’s Tempe campus in a sale and lease-back deal.

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