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Inland Western Widens Office Asset Reach

OAK BROOK, IL-Having already paid nearly $200 million for office properties in Schaumburg and North Carolina, Inland Western Retail Real Estate Trust closes on $300 million more in office deals with another $90 million on the way. The recent deals are sale-leasebacks with American Express.

By Mark Ruda | Updated on December 19, 2004

OAK BROOK, IL-The name may be Inland Western Retail Real Estate Trust, but that continues to have little bearing when the REIT finds attractive office assets east of the Mississippi River. Most recently, Inland Western Retail has paid $300 million for six office buildings, four of them in the Eastern US, totaling 2.3 million sf.

The assets have one thing in common—they are being sold and leased back by American Express Travel Related Services and American Express Financial Corp. Deals are in the works for another two buildings, totaling 300,000 sf, for $90 million.

The largest asset was the 541,542-sf granite and glass building at 1001 N. 3rd Avenue South in Minneapolis. In addition, Inland Western Retail added a 389,377-sf building at 7701 Airport Center in Greensboro, NC and 376,348-sf asset at 777 American Expressway in Fort Lauderdale, FL.

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