OAK BROOK, Ill.--()--Inland Private Capital Corporation (“IPCC”) announced today the $12.4 million sale of a 100,773-square-foot retail property located at 905-915 East Golf Road, Schaumburg, Cook County, Illinois near the Woodfield Shopping Center.
“The investors chose to sell the property rather than refinance the original loan.”
Affiliates of IPCC offered tenant-in-common interests in the property to a group of investors in a private offering in 2004, and continued managing the property on their behalf. The property is 100% occupied by Bed Bath & Beyond and Golfsmith, which opened in 1997. The initial terms of both the Bed Bath & Beyond and Golfsmith leases were approximately 15 years, expiring on January 31, 2013 and September 30, 2012, respectively. Prior to completing the sale, an affiliate of IPCC, with the unanimous consent of the tenant-in-common co-owners, renegotiated and extended both the Bed, Bath & Beyond and Golfsmith leases through January 31, 2023 and September 30, 2017, respectively. IPCC subsequently explored both a sale and a refinance on behalf of ownership, and the co-owners ultimately unanimously voted to proceed with the sale of the property.
“We’re pleased to complete another successful program on behalf of our investors,” said Rahul Sehgal, chief investment officer of Inland Private Capital Corporation. “The investors chose to sell the property rather than refinance the original loan.”
About Inland Private Capital Corporation
Inland Private Capital Corporation, based in Oak Brook, Ill., offers opportunities for investors who are seeking a real estate investment, as well as providing replacement property investments for persons participating in a 1031 tax deferred exchange. As of March 6, 2013, IPCC had sponsored 123 private placement programs. The 123 private placement programs include 226 properties and 14 million square feet of gross leasable area, which equate to more than $2.5 billion in assets under management. 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 September 30, 2012, Inland affiliates or related parties cumulatively owned properties in forty-eight states and managed assets with a book value exceeding $20.2 billion.