OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Private Capital Corporation (“Inland”) today announced the sale of a cold storage industrial property in Mason City, Iowa, resulting in aggregate net proceeds of approximately $8.7 million. Inland, through its subsidiary which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs.
“With five years remaining on the lease and demand for this type of property increasing in the current market, we felt it was an ideal time to sell this asset,” commented Rahul Sehgal, chief investment officer of Inland. “The financing was through a local bank and carried no pre-payment penalty, which allowed us to maximize the return on behalf of our investors.”
Constructed in 2003, the 112,066-square-foot cold storage facility is connected by an aboveground tunnel and conveyor belt to a separately-owned manufacturing facility producing Kraft Jell-O products. Acquired in 2004, it was sold at a premium to the original acquisition price. Coupled with cash flow generated during the holding period, the sale resulted in a total return to investors of 153.4 percent (calculated based 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.