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Inland REIT Buys SBC Complex for $338M in Sale-Leaseback

HOFFMAN ESTATES, IL-An Inland American Real Estate Trust joint venture is purchasing SBC Service Inc.'s 1.69-million-sf office complex in a sale-leaseback.

By Dana Dubriwny | Updated on November 16, 2005

(To read more on the debt and equity markets, click here.)

HOFFMAN ESTATES, IL-In a joint venture with Oak Brook-based Inland American Real Estate Trust Inc., Minto Builders REIT is purchasing the 1.69-million-sf SBC office complex here for $338 million. Currently 100% occupied by SBC Services Inc., the telephone-service provider will remain in the three-building complex for the next 11 years with the option to continue occupancy for up to 40 years. The purchase price totals approximately $200 per sf for the campus.

Joe Cosenza, president of Inland Real Estate Acquisitions, said in a statement that this is the largest single purchase for Inland in the past 35 years.

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