Inland Private Capital Corporation (“IPC”) 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 four properties are located approximately 20-35 miles northwest of downtown Chicago and are leased to Barrington Orthopedic Specialists, Ltd. These properties, all purchased by IPC in June 2014, 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.
“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).