Inland Private Capital Corporation, a sponsor of securitized 1031 exchange programs, has sold 29 pharmacy properties totaling 398,000 square feet in five months. IPC, through its subsidiary that serves as asset manager, facilitated the sales on behalf of nine IPC 1031 investment programs.
The properties sold through various transactions, for a total of $172.3 million, a premium to the allocated offering price paid by investors. According to the company, the sales resulted in a total return to investors of 172.98 percent of their original investment, and an average annual return of 8.61 percent.
“All sales were profitable based upon the fully loaded purchase price paid by investors,” commented Dan Zatloukal, executive vice president and head of asset management of Inland Real Estate Investment Corporation. “Necessity-based retail is also in very high demand, which provided us with another opportunity to deliver successful liquidity events to investors.”
The sales included six CVS and 23 Walgreens pharmacies located across the country.
In addition to providing liquidity to investors, the sales also provided investors with the option to utilize their sales proceeds to complete a subsequent tax-deferred exchange.
Inland Private has monetized more than $1.5 billion in real estate in 2021 on behalf of its 1031 exchange platform.
Inland Private Capital Corporation specializes in offering multiple-owner, tax-focused, private placement investments as well as qualified opportunity zone investments throughout the U.S. Since inception, the firm has monetized in excess of $3.7 billion in full-cycle transactions on behalf of its investors. Currently, it manages a portfolio of more than $10.6 billion across several asset classes spanning 43 states.
As of December 31, 2021, the firm had sponsored 287 private placement real estate offerings, with investments and developments in the multifamily, self-storage, hospitality, healthcare, student housing, retail, corporate office, senior living, and industrial sectors.