Oak Brook, Ill. – Inland Private Capital Corporation (“IPC”) today announced the sale of a 124,980-square-foot industrial facility located in Syracuse, New York. The property sold for $13.4 million, a premium to the offering price paid by investors. IPC, through its subsidiary that serves as asset manager, facilitated the sale of the property on behalf of New York Power DST, one of IPC’s 1031 investment programs.
The sale resulted in a return of capital to investors of 192.17 percent of their original investment and an average annual return of 8.77 percent.
Located at 7496 Round Pond Road, the property is 100 percent leased to Niagara Mohawk Corporation, also known as National Grid, one of the largest investor-owned energy companies in the United States. National Grid currently serves approximately 20 million people in New York, Massachusetts and Rhode Island.
Purchased in 2011, the property was never encumbered by debt during the DST’s ownership and the tenant had five years remaining on the lease at closing.
“Through a proactive approach, we were able to successfully extend the tenant’s lease, and subsequently complete a sale capitalizing on the value created and current market conditions. We could not be more pleased with the overall performance of the investment, both in terms of providing a profit to our investors, as well as liquidity,” said Rahul Sehgal, chief investment officer of IPC.
Similar to many of IPC’s previous dispositions, this transaction provided investors with the option to utilize their sales proceeds to complete a subsequent tax-deferred exchange. IPC monetized over $1.5 billion in real estate in 2021 on behalf of its 1031 exchange platform.
IPC specializes in offering multiple-owner, tax-focused, private placement investments as well as Qualified Opportunity Zone investments throughout the U.S. Since inception, IPC has monetized in excess of $3.5 billion in full-cycle transactions on behalf of its investors. Currently, IPC manages a diverse portfolio of more than $9 billion across several asset classes spanning 43 states.
About Inland Private Capital Corporation
Inland Private Capital Corporation (IPC), headquartered in Oak Brook, IL, is a privately held, industry- leading alternative investment management firm, with an investment focus spanning across a broad range of asset types. 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. Many of IPC’s offerings have been designed for investors seeking replacement property to complete an IRS Section 1031 exchange. IPC is recognized as the largest provider of securitized 1031 exchange opportunities in the country, with assets under management (AUM) of more than $9 billion, which includes a diverse national footprint of properties, spanning 43 states across various sectors. Past performance is not indicative of future performance.