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OAK BROOK, IL-Inland Western Retail Real Estate Trust did not live up to its name on its most recent acquisition. The REIT, focused on retail properties west of the Mississippi River, has paid GMAC Insurance Management Corp. $60 million for a 501,064-sf office property in Winston-Salem, NC in a sale-leaseback.

“The Western REIT can buy almost any property type,” explains Inland Real Estate Acquisitions chairman Joe Cosenza, who handled the negotiations for the retail REIT. “Many quality companies are coming to the table looking for a sale-leaseback like this.”

The two-tower building at 500 W. 5th St. will be 100% occupied by GMAC Insurance Management, which held the property in its UTF Winston-Salem, LLC entity, under a 10-year triple-net lease. The property, which consists of 18- and six-story office towers as well as a two-story day care center, has undergone $7 million in renovations, with more work still under way.

Paul Domb and Buzz Sampson of United Trust Fund handled negotiations for GMAC Insurance Management Corp.

The property is not the only non-retail asset in the REIT’s portfolio. Inland Western Retail Real Estate Trust also owns a Wrangler distribution facility in Texas, Cosenza notes.

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