Friday, October 22, 2010
Inland American takes over Railyards
As reported by News 10, Georgia developer Stan Thomas lost control of the largest infill project in the country at a courthouse foreclosure auction Friday afternoon going back to the lender, a subsidiary of Illinois-based Inland American Real Estate Trust, after nobody offered a bid at the company's opening price of $50 million. Inland says they “are pleased to move forward. Inland American can now start to roll up its sleeves and work with the city of Sacramento and state agencies to allow the project to proceed. We look forward to working with the community to redevelop this important part of the city.”
Inland American said Thomas Enterprises would serve in a consulting role during the ownership transition. The company said it was already assembling a project development team for the Railyards and was in the process of establishing a local office.
Inland American promised a more extensive update on its plans and progress within two months.