OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Private Capital Corporation (“IPCC”) today announced the sale of the Fox Run Square Shopping Center in Naperville, Illinois, for a gross sale price of $25,650,000. IPCC, through its subsidiary which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs.
Fox Run Square Shopping Center is a 143,512-square-foot premier retail destination that was anchored by Dominick’s Finer Foods and is located at the highly trafficked intersection of Naper Boulevard and 75th Street in Naperville. The property was acquired in 2008 and offered to accredited investors seeking capital appreciation along with a stable income stream.
“When the anchor tenant Dominick’s vacated in December of 2013, all options were explored on behalf of investors, including redevelopment,” commented Rahul Sehgal, chief investment officer of IPCC.
“Though this asset was performing well, redevelopment was not a desirable option as investors in the program were averse to an interruption in their income stream,” added Sehgal. “We are very pleased with the outcome as this sale yielded a significant total return for our investors. Many have elected to reinvest a significant portion of the proceeds into another property owned by a different Inland-sponsored program.”
The shopping center 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 138.36 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 August 25, 2014, IPCC had sponsored 158 private placement programs. The 158 private placement programs include 375 properties, with over 19.5 million square feet of gross leasable area, for an aggregate offering price of more than $3.9 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.