OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Private Capital Corporation (“IPCC”) today announced the sale of a 10,125-square-foot CVS property located at 500 Clifty Drive in Madison, Indiana, for a gross sale price of $2,900,000. IPCC, through its subsidiary which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs.
The CVS property is ideally located at a busy intersection at the north end of Madison, a city of approximately 12,000 residents located near the southeast border of Indiana between Cincinnati and Louisville.
“This investment was very successful, and we were pleased to negotiate a 10-year lease extension with CVS, leaving approximately 14 years on the lease at the time the property was sold,” commented Rahul Sehgal, chief investment officer of IPCC. “This was a custom deal we purchased in November 2005 and it performed as expected. The result was a substantial return for our investors and an opportunity for them to invest a significant portion of the proceeds into another property owned by a different Inland-sponsored program.”
The property 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 the investors of 139.77 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 May 1, 2015, IPCC has sponsored 170 private placement programs. The 170 private placement programs include 423 properties, with over 22.40 million square feet of gross leasable area, for an aggregate offering price of more than $4.51 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.