Inland Private Capital Corporation closed the sale of eight Walgreens properties across four states. The properties sold in separate transactions for a total of $37 million, a premium to the allocated offering price paid by investors.
IPC, through its subsidiary that serves as asset manager, facilitated the sales on behalf of Pharmacy Sale Leaseback II DST, one of IPC’s 1031 investment programs.
The sales resulted in a total return to investors of 156.61 percent of their original investment, and an average annual return of 7.52 percent.
The Pharmacy Sale Leaseback II DST sales included eight properties located in Arkansas, Michigan, Missouri and Tennessee, all of which were purchased in March of 2014 and are leased to Walgreen Co.
Similar to many of IPC’s previous dispositions, these transactions provided liquidity to investors, while also providing investors with the option to utilize their sales proceeds to complete a subsequent tax-deferred exchange. IPC monetized more than $1.5 billion in real estate in 2021 on behalf of its 1031 exchange platform.