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Liberty Adds 754,231 SF to Midwest Portfolio

EDEN PRAIRIE, MN-The developer will acquire the former Best Buy headquarters here and has completed a seperate acquisition.

By Marita Thomas | Updated on September 18, 2006

EDEN PRAIRIE, MN-In two separate transactions, Liberty Property Trust plans to follow its acquisition of a 408,932-sf industrial property in Joliet, IL with the purchase of the 345,299-sf former Best Buy headquarters building on 47 acres here. The Malvern, PA-based developer already owns nearly four million sf of space throughout Minnesota and more than 2.5 million sf of industrial space in the Chicago metro area and has plans to continue expansion in both markets.

Minneapolis-based Hoyt Properties Inc. sold the now-vacant original Best Buy Co. headquarters, including the surrounding acreage at 7075 Flying Cloud Dr. within the Golden Triangle. According to published reports, Hoyt acquired the property approximately a year ago from Best Buy for nearly $17 million. It has been vacant for four years, following the retailer’s relocation to Richfield. Hoyt initially planned to redevelop the property into either office or retail space.

Because the sale is still under contract, Dave Jellison, VP and city manager of Liberty’s office here, declined to disclose a price tag, but expects the acquisition to close in early 2007. “We could go a couple of different ways with the property,” he tells GlobeSt.com, and says a feasibility study will first take place.

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