Oak Brook, Ill. – Inland Private Capital Corporation (“IPC”) today announced the sale of four freestanding medical office properties located in Illinois and Massachusetts for a gross sale price of $45.7 million. IPC, through its subsidiary which serves as asset manager, facilitated the sale of the properties on behalf of the Medical Office Portfolio DST, one of its 1031 investment programs.
Three of the properties are leased to Barrington Orthopedic Specialists, Ltd. These properties, all purchased by IPC in June 2014, are located approximately 20-35 miles northwest of downtown Chicago. The properties include a 30,000-square-foot building located at 864 Sterns Road in Bartlett, a 14,700-square-foot property at 120 East Higgins Road in Elk Grove Village and a 40,000-square-foot location at 929 West Higgins Road in Schaumburg.
Barrington Orthopedic Specialists, Ltd. was formed in 1980 and provides specialized orthopedic care in the northwest suburbs of Chicago.
The fourth property in the portfolio is located at 46 Obery Street in Plymouth, Massachusetts, approximately 40 miles south of Boston. Constructed in 2013, the 30,803-square-foot building is leased by Jordan Physician Associates, Inc., a Massachusetts not-for-profit corporation. The property was purchased by IPC in August 2014.
“The Medical Office Portfolio DST was another successful full-cycle transaction on our medical office investment platform for IPC’s investors,” said Keith Lampi, president and chief operating officer of IPC. “The properties all provided consistent income and a substantial profit on sale, resulting in a 10.76 percent average annualized return to investors.”
The sale resulted in a total return to the investors of 142.10 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., one of the nation’s largest commercial real estate and finance groups, which is comprised of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored and managed by such entities or subsidiaries thereof. As of March 31, 2018, IPC had sponsored 221 private placement programs with 596 total properties. Eighty-one assets had been sold, in the aggregate, as of March 31, 2018.