BofA Sells 840,000-SF Portfolio for $152M
Inland Affiliates Acquire Four Office Bldgs. in Sale-Leaseback
July 15, 2008
Affiliates of the Inland Real Estate Group of Cos. purchased a four-building portfolio from Bank of America for $152.6 million, or about $182 per square foot.
In conjunction with the sale, Bank of America leased back portions of the 839,808-square-foot portfolio, which includes buildings in Baltimore, MD; Albuquerque, NM; Moosic, PA; and Las Vegas, NV. The four largest Bank of America buildings in these areas are 10 Light St. in Baltimore, Bank of America Center in Albuquerque, Bank of America Corporate Center in Moosic and Bank of America Plaza in Las Vegas, according to CoStar Research.
The two Inland entities that partnered in the purchase are Inland Real Estate Corp., (IRC) a REIT that focuses primarily on retail space, and Inland Real Estate Exchange Corp. (IREX), a 1031 exchange advisor. IRC contributed $60.8 million to the purchase, which it financed partly through a $90.3 million loan.
Please refer to CoStar COMPS #1554804 for more information on this transaction.