Oak Brook, Ill. – Inland Private Capital Corporation (“IPCC”) today announced the sale of the BB&T headquarters, a 240,000-square-foot, 20-story office tower located in Winston-Salem, North Carolina, resulting in aggregate net proceeds of approximately $25 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.
“We are very pleased with the outcome of this transaction, as this sale resulted from an unsolicited offer,” commented Rahul Sehgal, chief investment officer of IPCC. “We purchased the property in January of 2012 and it performed as expected, providing significant total return for our investors and a steady income stream. Many have elected to reinvest their proceeds into other properties owned by IPCC-sponsored programs.”
The headquarters building was sold at a premium to the original acquisition price. Coupled with cash flow generated during the holding period, the sale resulted in a total return to investors of 120.53 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., a group 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 (collectively, “Inland”). As of December 31, 2014, IPCC had sponsored 166 private placement programs. The 166 private placement programs include 418 properties, with over 21.88 million square feet of gross leasable area, for an aggregate offering price of more than $4.384 billion.
This communication is neither an offer to sell, nor a solicitation to buy any security sponsored by Inland Private Capital Corporation, which can be made only by the respective private placement memorandum and sold only by broker/dealers authorized to do so.