Inland Western Retail Real Estate Trust Inc. has purchased its first office property, a three-building complex in Winston-Salem, N.C.
The 501,064-square-foot office property, which Inland Western bought for $60 million, features an 18-story north tower, a six-story south tower and a two-story daycare center. The buildings recently underwent a $7 million renovation, and millions more worth of improvements are still underway.
The buildings, which share the address of 500 W. 5th St. in downtown Winston-Salem, will be leased by its former owner, GMAC Insurance Management Corp., for a period of 10 years under a triple net lease.
United Trust Fund represented the seller, UTF Winston-Salem LLC, in negotiations.
Oak Brook, Ill.-based Inland Western, which is a public non-listed real estate investment trust, focuses primarily on retail properties. However, the company is structured so that it can buy a broad range of properties.
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