The sale of the final portion of SunTrust Bank Portfolio II, a sale-leaseback transaction with SunTrust Bank, to Inland Real Estate Acquisitions Inc., has closed \u00a0The overall SunTrust portfolios add up to 433 triple-net lease properties with more than 2.2 million square feet for an approximate price of $736 million. The final portion of SunTrust Bank Portfolio II consists of 143 single tenant triple-net lease properties for approximately $230 million. This portion of the SunTrust Bank Portfolio II completes the purchase of 215 triple-net lease properties from SunTrust Bank for a total price of $361 million. The total portfolio transaction aggregates to approximately 1.1 million square feet of gross leasable area. Inland Real Estate Acquisitions negotiated the closing of two SunTrust portfolios on behalf of an entity within The Inland Real Estate Group of Cos. The assets are located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia and Washington, D.C. SunTrust Bank will lease all of the retail banking facilities for 10 years, with an additional 10-year, and subsequent five-year renewal options. \u00a0SunTrust has suffered income declines as the market slumped in 2007, according to SunTrust Fourth Quarter 2007 Earnings Results, resulting in income available to common shareholders in the fourth quarter of 2007 of only $3.3 million, down from $498.6 million in the fourth quarter of 2006. On Jan. 23, SunTrust reported the company’s 2007 results were adversely impacted by declines in the market value of recently acquired asset-backed securities, as well as credit losses related to residential real estate loans. Increased delinquencies in mortgage-related loans and declines in home values have hampered the liquidity and value of assets tied to the residential real estate market. \u00a0Inland Real Estate Acquisitions purchases commercial real estate on behalf of companies that are part of The Inland Real Estate Group of Cos. Inland Real Estate Acquisitions has been responsible for more than 1,300 acquisitions transactions since 2003 aggregating more than $20 billion in assets. \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
The sale of the final portion of SunTrust Bank Portfolio II, a sale-leaseback transaction with SunTrust Bank, to Inland Real Estate Acquisitions Inc., has closed \u00a0The overall SunTrust portfolios add up to 433 triple-net lease properties with more than 2.2 million square feet for an approximate price of $736 million. The final portion of SunTrust…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003786587","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n