American Airlines Net Leased Through 2030
July 23, 2019 [Philadelphia, PA] – Colliers International Group Inc. (NASDAQ: CIGI) has recently been appointed the exclusive agent to sell a 101,555 square foot office building tenanted by American Airlines Group Inc. (NASDAQ AAL; S&P: BB-/Moody’s: Ba3). The property, located at 799 Hanes Mall Boulevard 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. houses over half of their 1,500 Global Reservations employees at the property. The Global Reservations team supports all Executive Platinum level members of the airline’s mileage program. The tenant has occupied the property since 1986 and their current lease remains in place through 2030. Employees at the facility are represented by the Communications Workers of America (CWA Local 3640). The property has recently received capital improvements, including a new roof and backup generator system.
This net lease asset is listed at $23,320,000. Eric Grad, Vice President of Investment Services for Colliers, based in Philadelphia, will be managing the sale.
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.