SEC Edgar Filings - December 29, 2006
On December 27, 2006, Inland American Real Estate Trust, Inc. purchased four food storage warehouses from C & S Wholesale Grocers, Inc. in a 15 year sale leaseback transaction.
The total purchase price was approximately $150 million, or approximately $87 per square foot for the 1,720,000 square foot portfolio. The initial annual triple-net rent was $10,340,500 (6.9% cap rate) and included 1.5% annual rent increases.
Three of the food warehouse properties are located in the greater Springfield, MA area and the fourth is located in Aberdeen, MD.
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