OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Private Capital Corporation (“Inland”) today announced the sale of a property portfolio consisting of three pharmacies, resulting in aggregate net proceeds of approximately $15.2 million. Inland, through its subsidiary which serves as asset manager, facilitated the sale of the properties to three separate buyers on behalf of one of its Delaware statutory trust investment programs.
“This investment was very successful, with the portfolio performing exactly as originally projected throughout the holding period, culminating in a profitable, opportunistic sale,” commented Rahul Sehgal, chief investment officer of Inland. “Throughout the lifecycle of our investments, we continually monitor market conditions to determine the best course of action to take to maximize returns on behalf of our investors.”
The three properties in the portfolio are 100 percent occupied by CVS Pharmacy with approximately 20 years remaining on their respective leases. Acquired in two separate transactions in 2010, the portfolio was sold at a premium to the original $12.7 million offering price. Coupled with cash flow generated during the holding period, the sale resulted in a total return to investors of 147.33 percent (calculated on the aggregate amount of original capital invested in the property).
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 31, 2013, IPCC had sponsored 140 private placement programs. The 140 private placement programs include 295 properties, with over 16.3 million square feet of gross leasable area, for an aggregate offering price of more than $3.139 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.