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As part of the transaction Prologis plans to sell $3.5 billion of assets including $2.8 billion of non-strategic logistics properties and $700 million of office properties.
Pinnacle Partners and developer Nitze-Stagen broke ground last week for Seattle's first Opportunity Zone development called Canton Lofts, a $30 million apartment building in the historic Pioneer Square.
The 67,219-square-foot four-story office building at 1717 Newtown Langhorne Road was acquired by a locally-based operator of quick-serve restaurants, which will relocate its corporate headquarters and occupy approximately 13,000 square feet of office space at the property.
Interra Realty, which brokered the transaction, reports the 150 Fullerton property sold for approximately $10.6 million, which registered at $425,400 per unit.
Prologis chairman/CEO Hamid Moghadam says markets remain healthy, driven by customers who are prioritizing proximity to consumers to offset supply chain costs such as labor and transportation.