Inland Real Estate Acquisitions, Inc. Announces the Purchase of FedEx Center at Hobby Airport for $39.3 Million
Inland Real Estate Acquisitions, Inc. announced today the acquisition of FedEx Center, a multi-building shipping hub located at Houston s William P. Hobby Airport, for $39.3 million. The purchase includes 66.3 acres of land housing two separate buildings, occupied by FedEx Freight and FedEx Ground, totaling 256,815 square feet. FedEx Corporation is the guarantor for both leases, each of which has a remaining term of more than 10 years. Matt Tice, vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of Inland Diversified Real Estate Trust, Inc.
Very rarely do you see a FedEx property with a lease guaranty from FedEx Corporation, Tice said. In addition to the very strong credit tenant, this property is strategically located at Houston s Hobby Airport. The two buildings include 91,156 and 165,659 square feet, respectively, and each features 28-foot ceiling heights. According to the Airports Council International of North America, William P. Hobby Airport is one of the busiest airports in the nation. It is located near the Port of Houston, the second-busiest port in North America according to the Port of Houston Authority. 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 and managers in North America (Retail Traffic, May 2012) and the fastest-growing acquirer of retail property in the U.S. (Chain Store Age, May 2012). As of March 31, 2012, Inland-sponsored companies owned and managed in total over 129.3 million square feet of diversified commercial real estate in 48 states, as well as managed assets in excess of $25.8 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 Inland Real Estate Investment Corporation or its subsidiaries. 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.
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