For Immediate Release - Monday, June 04, 2012
Inland Real Estate Acquisitions, Inc. Announces the Portfolio Purchase of
Nine Bank Branches in Ohio, North Carolina, Florida and Georgia
Properties acquired on behalf of Inland Diversified Real Estate Trust, Inc.
Oak Brook, Ill. – Inland Real Estate Acquisitions, Inc. announced today the acquisition of a portfolio of nine retail bank branches located in Ohio, North Carolina, Florida and Georgia. Totaling 42,882 square feet, the properties were purchased for a total of approximately $18.6 million. The properties are leased to three different banks, and all of the leases are on a triple net basis with an average remaining term of more than 14 years. Joe Cosenza, president of Inland Real Estate Acquisitions and a vice chairman of The Inland Real Estate Group, Inc., facilitated the transaction on behalf of Inland Diversified Real Estate Trust, Inc.
“These bank branches represent what we believe to be the best of 63 properties the seller has on the market,” Cosenza said. “All nine are located in areas with strong demographics, and the tenants are all well-rated by Standard & Poor’s and hold significant deposits.”
The portfolio includes five properties leased to KeyBank N.A., all located in Ohio, two Regions Bank locations in Georgia and two properties leased to BB&T Corp. in North Carolina and Florida.
About Inland Real Estate Acquisitions, Inc.
Inland Real Estate Acquisitions, Inc. is the purchasing arm for various entities that are a part of The Inland Real Estate Group of Companies, Inc. (“Inland”). Headquartered in Oak Brook, Ill., Inland has been ranked one of the largest shopping center owners in North America (Retail Traffic, May 2011) and one of the top managers of retail property in the United States (Retail Traffic, May 2011). As of December 31, 2011, Inland-sponsored companies owned and managed in total over 130.1 million square feet of diversified commercial real estate in 48 states, as well as managed assets in excess of $25.2 billion. Inland is comprised of a group of independent legal entities some of which may be affiliates, share some common ownership or have been sponsored and managed by subsidiaries of Inland Real Estate Investment Corporation. For additional information, please refer to Inland’s website at www.inlandgroup.com.
About Inland Diversified Real Estate Trust, Inc.
Inland Diversified Real Estate Trust, Inc. (“Inland Diversified”) is a public, non-listed real estate investment trust (REIT) that focuses on acquiring and developing a diversified portfolio of commercial real estate. For additional information, please refer to Inland Diversified’s website at www.inlanddiversified.com.