OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Private Capital Corporation (“Inland”) today announced the sale of two Gander Mountain retail stores in Texas, resulting in aggregate net proceeds of $22.2 million. Inland, through its subsidiary which serves as asset manager, facilitated the sale of the stores on behalf of investors in two separate Delaware statutory trusts, which owned the properties. The stores, located in College Station and Lubbock, were each sold at a profit.
“While both of these stores were performing well for our investors, we believe current market conditions as well as the time remaining on the leases made this an advantageous time to sell,” commented Rahul Sehgal, chief investment officer of Inland. “The result, in both cases, was a significant total return for our investors, who in addition to the regular monthly distributions generated over the period they held the investment, also received net proceeds from the profitable sales. Many of the investors elected to invest a significant portion of the proceeds into another property owned by an Inland-sponsored program.”
The Gander Mountain store in College Station was sold at a premium to the original $11.6 million acquisition price. Coupled with cash flow generated during the holding period, the sale resulted in a total return to investors of 119.36 percent (calculated based on the aggregate amount of original capital invested in the property). Similarly, the store in Lubbock was also sold for more than the initial $9 million purchase price, and those proceeds coupled with previous distributions resulted in a total return to investors of 137.33 percent (calculated in the same manner).
Gander Mountain is a leading national retailer of hunting, fishing and outdoor gear.
About Inland Private Capital Corporation
Inland Private Capital Corporation, based in Oak Brook, Ill., offers replacement property investments for persons participating in a 1031 tax deferred exchange, as well as opportunities for accredited investors who are seeking a real estate investment. Inland Private Capital Corporation is a part of the Inland Real Estate Group of Companies, Inc., a group of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored or managed by Inland Real Estate Investment Corporation or its subsidiaries (collectively, “Inland”). As of December 1, 2013 IPCC had sponsored 134 private placement programs. The 139 private placement programs include 294 properties, with over 15.9 million square feet of gross leasable area, for an aggregate offering price of more than $3.088 billion.
This communication is neither an offer to sell, nor a solicitation to buy any security sponsored by Inland Private Capital Corporation, which can be made only by the respective private placement memorandum and sold only by broker/dealers authorized to do so.