OAK BROOK, Ill., April 18, 2003 (PRIMEZONE) -- Inland Real Estate Acquisitions, Inc. has acquired the 26-story Fleet office building in Providence, Rhode Island for $21.3 million. This 348,815-square-foot building was built in 1928 and is located at 111 Westminster Street. This is a sale-leaseback transaction in which Fleet will continue to occupy 100% of the building as its Rhode Island bank headquarters on a long-term basis as it has for decades.
The Fleet building, also known as the Superman building, is located in the heart of Providence's Financial District. It has excellent visibility and easy access to the area's highway, rail and public transportation systems.
"This building is truly a landmark in the Providence skyline and is centrally located near Providence City Hall, the Federal Courthouse, the Federal Building, the downtown retail shopping area and downtown hotels," said Joe Cosenza, chairman, Inland Real Estate Acquisitions, Inc. who negotiated the transaction for Inland. "Combine the quality of the building, the unbeatable location and the tenant, and this is an outstanding property to have in our portfolio," added Cosenza.
Inland was represented in the transaction by Cosenza and attorney Gary Pechter. Meredith & Grew, Inc. acted as broker for the seller.
FleetBoston Financial is the seventh-largest financial holding company in the United States, with assets of $200 billion. The company's principal businesses, Personal Financial Services and Commercial Financial Services, offer a comprehensive array of innovative financial solutions to 20 million customers. Through its Personal Financial Services franchise, Fleet offers retail banking, wealth management and investment services, nationwide brokerage, credit card and consumer lending services. These services are available through approximately 1,500 branches and more than 3,500 ATMs in the Northeast; through Fleet HomeLink(SM) online banking, one of the nation's leading online banking platforms; and through telephone banking. Fleet is the leading small business services and commercial banking provider in the Northeast. Fleet's Commercial Financial Services Division provides commercial lending, syndications, capital raising and advisory, leasing, cash management, asset-based finance, foreign exchange and interest rate derivatives to clients. FleetBoston Financial is headquartered in Boston and listed on the New York Stock Exchange (NYSE:FBF) and the Boston Stock Exchange (BSE:FBF).
Inland Real Estate Acquisitions, Inc. is part of The Inland Real Estate Group of Companies (www.inlandgroup.com), which is comprised of independent real estate investment and financial companies doing business nationwide. With 35 years' experience specializing in investment, commercial real estate brokerage, land development, acquisition, and mortgage lending, Inland is one of the nation's largest privately held real estate companies. Inland's national headquarters are located in Oak Brook, Illinois.