Press Release: Largest Leaseback in Company History and understood to be the largest ever traded single IND | O asset
Chicago – AT&T, with its new divisions, Lucent Technologies, Avaya Communications, AT&T Mobile, retained Alliance Capital to bring about the Structured Finance divestiture of one of the largest corporate portfolios in recent years.
Alliance Capital completed the sale of a number of major manufacturing and production facilities, totaling 7,892,243 sf. The site is comprised of several facilities, including Omaha Works (1.31m sf), Denver Works (1.89m sf), AG Communications (2.863m sf), Miami Works (1.1m sf), and several other production facilities.
Various facilities were sold in groups, such as Lee Summit MO, purchased by TC Capital. Lee Summit MO was 1,314,400sf on 327 acres, and purchased to be divided into a new business park. The business park now offers 69 various corporate industrial sites for build-to-suit.
AG Communications, a joint venture of AT&T and GTE, set on 131 acres, was one of the largest existing facilities under one roof on the United States, and built on an existing golf course in the Chicago Metropolitan market, only moments from O’Hare Airport.
The facility was purchased by CenterPoint Properties on a sale/leaseback, whereby AT&T and Lucent removed their office usage of the complex, leaving two tenants in the facility. These tenants were 7up Bottling with 1.14m sf and Select Beverage with 1.18m sf.
These remaining sites at Northlake Business Center, directed and developed by CenterPoint Properties, were marketed for additional headquarters facilities.
Article By Jeff Jones , COMMERCIAL PROPERTY NEWS