Wealth management

In Brief: Principal Buys Ariz. State Farm Property

Published July 13, 2005, 1:00 a.m. EDT

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Updated July 12, 2005, 3:12 p.m. EDT

1 Min Read

Principal Global Investors' dedicated real estate group, Principal Real Estate Investors, has advised Principal Life Insurance Co. on the purchase of Fountainhead Corporate Park in Tempe, Ariz., from AmberJack Ltd., a real estate subsidiary of State Farm Insurance Co., the company said Tuesday.

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Principal Global Investors is a member of the Principal Financial Group in Des Moines.

The Fountainhead deal comprises seven Class A and B suburban office buildings with more than 500,000 square feet, along with 40-plus acres of developable land. The price was not disclosed. The property complements a nearby corporate park owned by Principal Global, the company said, adding that it hopes to develop office buildings and multifamily housing on the vacant land.

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