REBusinessOnline

Workspace Property Trust to Acquire 108 Office and Flex Properties from Liberty Property Trust for Nearly $1B

Workspace Property Trust to Acquire 108 Office and Flex Properties from Liberty Property Trust for Nearly $1B

HORSHAM, PENN. — Horsham, Penn.-based Workspace Property Trust (WPT), in partnership with global investment firm Safanad, has agreed to buy 108 office and flex buildings from Liberty Property Trust (NYSE: LPT) for approximately $969 million. The acquired properties — located in Arizona, Florida, Minnesota and Pennsylvania — total roughly 7.6 million square feet. The sale is expected to close before the fourth quarter of this year. Of the 30 properties to be acquired in Pennsylvania, two-dozen are located within the Great Valley Corporate Center in Malvern, according to reports by The Philadelphia Business Journal. The balance of the portfolio is largely located in Florida, with 34 buildings to be acquired in the Tampa market..

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Need for Customer Engagement, Sense of Belonging Turns Traditional Shopping Center Paradigm on Its Head

Need for Customer Engagement, Sense of Belonging Turns Traditional Shopping Center Paradigm on Its Head

Gathering spaces and food are changing the format of the physical shopping environment, say retail architects and designers who are being tasked with creating new designs for older shopping centers and new retail-oriented projects. “Retail projects are requiring a different approach as far as what they mean to the customer anymore,” says Sy Perkowitz, principal with KTGY in Irvine, Calif. “What we want is something that is an attraction; something that brings you out to the retail center as opposed to Internet shopping or other activities that you may be involved in,” explains Perkowitz, “The need to be physically present at a retail project has changed. It used to be out of necessity, and today it’s more about wanting to..

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PGIM Real Estate Acquires 1.1 MSF Avalon Mixed-Use Center Near Atlanta

PGIM Real Estate Acquires 1.1 MSF Avalon Mixed-Use Center Near Atlanta

ALPHARETTA, GA. — PGIM Real Estate has acquired Avalon, a 1.1 million-square-foot mixed-use lifestyle center in the Atlanta suburb of Alpharetta. North American Properties developed Avalon in 2014 at an estimated cost of $600 million. The sale price was not disclosed. PGIM acquired the center on behalf of institutional investors. The open-air lifestyle center contains 390,543 square feet of retail space, 105,364 square feet of Class A office space, 250 luxury apartment units and a 3.3-acre office development parcel. It is part of an 86-acre master-planned community about 20 miles north of Atlanta that features an additional 100 single-family homes, office tower, hotel, conference center and medical office building, which are all..

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Mirae Asset Global Investments Acquires Amazon Headquarters Building in Seattle for $246.8M

Mirae Asset Global Investments Acquires Amazon Headquarters Building in Seattle for $246.8M

SEATTLE — Mirae Asset Global Investments has acquired the Amazon Phase VIII building in Seattle for $246.8 million. Vulcan Real Estate sold the 12-story, 317,804-square-foot office building. The building, constructed in 2015, includes 5,297 square feet of ground-floor retail space and serves as Amazon’s headquarters. The property, located at 325 9th Ave. N. in the South Lake Union neighborhood, is LEED Gold certified and features 443 parking spaces. Mirae Asset Global Investments is an international investor based in Seoul, South Korea. Kevin Shannon, Ken White and Michael Moll of Newmark Grubb Knight Frank (NGKF) brokered the transaction. David Milestone and Brett Green of NGKF arranged financing for Mirae Asset Global..

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