Business Services Industry
Chicago Tribune Inside Commercial Real Estate column.
Knight Ridder/Tribune Business News, December, 2004
By Thomas A. Corfman, Chicago Tribune Knight Ridder/Tribune Business News
Dec. 8--REIT PAYS $40 MILLION FOR ACE'S HEADQUARTERS: A real estate investment trust advised by Inland Real Estate Group has purchased the Oak Brook headquarters of Ace Hardware Corp. for $40 million in a sale/leaseback deal.
The hardware cooperative plans to use the proceeds from the sale to expand its business, a spokeswoman said.
"Ace is focused on retail growth," she said.
As a part of the deal, the hardware cooperative signed a 10-year lease with a first-year net rent of $2.9 million, or $14 a foot, not including taxes and operating expenses, sources said. The 206,000-square-foot building is located along Interstate Highway 88 at 2200 Kensington...
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