OAK BROOK, ILL.—Inland Real Estate Acquisitions Inc. has purchased 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, which houses two buildings occupied by FedEx Freight and FedEx Ground.
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 guarantee 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 sq. ft., respectively, and both have 28-ft. ceiling heights.