Cole Real Estate Investment has acquired PetSmart’s headquarters in Arizona from Prudential Real Estate Investors for $102.5 million, GlobeSt reports. The deal is in line with the investment firm’s acquisition target of $3 billion for 2011.
The acquisition will be financed with a 50% loan-to-value and is set to close within the next 45 to 50 days. CB Richard Ellis represented Prudential Real Estate Investors. Cole has more than $1.5 billion in its acquisition pipeline.
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