Features American Airlines Net Lease Through 2030
October 17, 2019 [Philadelphia, PA] – Colliers International Group Inc. (NASDAQ: CIGI) is pleased to announce the sale of 799 Hanes Mall Boulevard, a 101,555 square foot office building tenanted by American Airlines Group Inc. (NASDAQ AAL; S&P: BB-/Moody’s: Ba3). The property was recently transferred from UR Hanes DST, an affiliate of United Realty of New York City, to an undisclosed private group led by a popular entertainer, for the sum of $22,500,000.
The investment sale was executed by Eric Grad, Vice President of Investment Services for Colliers, based in Philadelphia.
Highlights of the transaction include a 97.8% listing to closing price ratio. Six offers were received within the first two weeks of going to market – three of the offers reaching the final closing price, allowing for a competitive process on terms that achieved an accelerated closing date for the Buyer. All told “contract to close” on this substantial asset was just 45 days.
"The quality and scarcity of this asset class, the uncertainty of the future interest rate environment, the star power of American Airlines as tenant along with a top-notch network and proven ability to bring buyers and sellers to the table all factored into the successful consummation of this assignment." cited Grad.
799 Hanes Mall Boulevard is located in the Winston-Salem, North Carolina market sits in a dense medical, office and retail corridor just outside downtown Winston-Salem. The building’s sole tenant, American Airlines Group Inc., will remain in place through 2030. The property houses over half of the group’s 1,500 Global Reservations employees, the team that supports all Executive Platinum level members of the airline’s mileage program. The property has recently received capital improvements, including a new roof and backup generator system
For further information, contact:
Eric Grad, Vice President +1 215 928 7509 | Eric.Grad@colliers.com
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.