Michelle Napoliis editor of Net Leaseforum, from which this article is excerpted.
Oak Brook, IL—Locally based Inland American RealEstate Trust Inc. is buying a second nine-digit valuedportfolio of properties from SunTrust Banks Inc., the REITdisclosed in a recent filing with the Securities and ExchangeCommission. The filing notes that the REIT "has exercised itsright of first refusal to acquire" both portfolios.
The second portfolio, with a purchase price of approximately$357.3 million, involves fee simple interests in 216 single-tenantretail banking properties that total more than 1.13 million sf.Located in seven states and the District of Columbia, theproperties are slated to be purchased in two phases, with oneclosing scheduled for December and a second next March.
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