Inland Private Capital Corporation, a sponsor of securitized 1031 exchange programs, has sold two Home Depot properties located in Massachusetts and Washington. Combined, the properties sold for $134.95 million.
The properties were sold on behalf of Bi-Coastal Home Improvement DST, a 1031 exchange Delaware statutory trust offering that launched in August 2015 and sought to raise $59.2 million from accredited investors.
Inland Private said that the sales resulted in a total return to investors of 147.47 percent of their original investment, and an average annual return of 7.48 percent. Both properties were purchased in June 2015; the Massachusetts property was purchased for $79 million, while the price for the other could not be disclosed by the company.
“Given the robust investor demand for pandemic-resistant retail, [Inland Private] was able to capitalize on the opportunity to proactively monetize on behalf of investors and, in turn, mitigate risk associated with lease renewal,” said Keith Lampi, president and chief operating officer.
Inland Private specializes in offering multiple-owner, tax-focused, private placement investments, as well as qualified opportunity zone investments throughout the U.S.
Currently, the company manages a portfolio of more than $10 billion across several asset classes spanning 43 states. As of September 30, 2021, the firm had sponsored 279 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. Since inception, Inland Private has monetized in excess of $3.5 billion in full-cycle transactions on behalf of its investors, with $1.5 billion monetized in 2021 alone.