OAK BROOK, ILL—Inland Real Estate Acquisitions Inc. has acquired a portfolio of nine retail bank branches located in Ohio, North Carolina, Florida and Georgia. Totaling 42,882 sq. ft., the properties were purchased for a total of approximately $18.6 million.
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.
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.
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.