Search
 

Inland Buys Portfolios for More Than $313M

OAK BROOK, IL-Inland Real Estate Trust Inc. is acquiring a 1.5-million-sf retail portfolio for $256.6 million and a 2.3-million-sf industrial portfolio for $56.6 million.

By Gina Kenny | Updated on April 17, 2007

(To read more on the industrial market, click here.)

OAK BROOK, IL-Inland American Real Estate Trust Inc., headquartered here, has acquired a 21-property retail portfolio and a 20-property industrial portfolio. Inland Real Estate Acquisitions Inc. purchased the two portfolios for Inland American Real Estate Trust. The 1.5-million-sf retail portfolio was purchased for approximately $256.6 million from “various partnerships” based in Texas, says Mark Youngman, vice president of Inland Real Estate Acquisitions, who negotiated the retail portfolio sale. Youngman said he could not disclose the seller.

The 2.3-million-sf industrial portfolio was purchased from ProLogis in Tennessee, says Joe Cosenza, vice chairman of the Inland Real Estate Group of Cos. Inc. and president of Inland Real Estate Acquisitions Inc. Cosenza, who negotiated the industrial portfolio sale, said he could not disclose the sales price but, according to a SEC filing, the sales price was $56.6 million. Cap rates were not disclosed for either sale.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.