USAA Real Estate Company Announces Sale of Single Tenant Net Lease Retail Portfolio
May 2, 2011 – (RealEstateRama) — USAA Real Estate Company announced the sale of a Single Tenant Net Lease Retail Portfolio, consisting of 16 properties spanning several U.S. markets. The portfolio was purchased by an affiliate of The Inland Real Estate Group of Companies, Inc., one of the nation’s largest commercial real estate and finance groups. Details of the purchase agreement were not disclosed.
The retail portfolio totals 118,046 square feet of properties leased to well-known tenants including Bank of America, Walgreens and AT&T, located in Florida, Georgia, Minnesota, Missouri, North and South Carolina, Oregon, Texas and Wisconsin. John Hammill and Ken Shulman of Dallas-based Capview Partners represented USAA Real Estate Company in the transaction.
“These assets have been outstanding investments for our company during our holding period and should represent an excellent investment for Inland,” says USAA Chairman and CEO Pat Duncan.
USAA Real Estate Company, with approximately $6 billion assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.