Inland Real Estate Acquisitions, Inc., based in Oak Brook, Illinois, has acquired the 26-story Fleet office building in Providence at 111 Westminster St. for $21.3 million.
The sale is a leaseback transaction in which Fleet will continue to occupy all of the building as its Rhode Island headquarters on a long-term basis, Inland announced on Friday.
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“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.
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. 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.
