Net Lease Portfolio of SunTrust Branches Trades for $240M
Jones Lang LaSalle Facilitates Acquisition
August 29, 2013
An undisclosed REIT acquired a SunTrust net lease portfolio for $240 million.
The transaction consists of 139 retail bank branches, totaling in excess of approximately 715,000 square feet. The properties are located throughout the Mid-Atlantic and Southeastern United States.
The Jones Lang LaSalle team of Guy Ponticiello, Bruce Westwood-Booth, Rob Bickel, and Brian Shanfeld facilitated the deal on behalf of the seller, Inland American REIT.
"This sale marked a prime opportunity for investor to acquire a large portfolio absolute net leased to one of the nation’s leading financial institutions. The secure, growing cash flow of the SunTrust portfolio enables them to provide consistent returns for investors," said Ponticiello.
"This is far from the only large scale portfolio sale of triple-net leased properties we expect to see this year as portfolio acquisitions of this size allow investors to deploy capital quickly and efficiently, making them a formidable force in the market," added Ponticiello.
Please see CoStar Comp #2774176 for additional information on the transaction.