Oak Brook, Ill. – Inland Private Capital Corporation (“IPCC”) today announced the sale of a FedEx Ground facility located in Zionsville, Indiana, for a gross sale price of $37.1 million. IPCC, through its subsidiary which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs.
Situated on two land parcels totaling more than 49 acres, the property is located at 10301 Bennett Parkway in Zionsville, a suburban town located approximately 17 miles northwest of downtown Indianapolis.
Constructed in early 2014, the approximately 303,000-square-foot building solely serves as the FedEx distribution center.
“This investment was another very successful full-cycle transaction for IPCC’s investors,” said Keith Lampi, president and chief operating officer of IPCC. “We purchased the property in September 2014, and it performed positively, resulting in a substantial return for our investors and an opportunity for them to invest a significant portion of the proceeds into other properties owned by different Inland-sponsored programs.”
The sale resulted in a total return to the investors of 123 percent (calculated based on the aggregate amount of original capital invested in the property). In addition, the sale resulted in an 11.95 percent average annual return (calculated using the cash flow from the property’s operations, the proceeds from the sale, and the duration of the hold period to determine an annualized rate of return, inclusive of all fees and expenses).
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., which is comprised 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. As of June 30, 2016, IPCC had sponsored 190 private placement programs. The 190 private placement programs include 487 properties, comprised of over 29 million square feet of gross leasable area, and including 8,515 residential units, for an aggregate offering price of more than $5.9 billion.