Inland Private Capital Corp. (IPC) has sold two wholesale club properties, located in Attleboro, Mass., and Baltimore.
IPC, through its subsidiary that serves as asset manager, facilitated the sale of the properties on behalf of East Coast Wholesale Portfolio DST, one of IPC’s 1031 investment programs.
The portfolio sale resulted in a total return to investors of 153.95 percent of their original investment.
The portfolio was comprised of the 115,660-square-foot Attleboro property located at 287 Washington Street, and the 89,348-square-foot Baltimore property at 4701 O’Donnell Street. Both properties were acquired in 2016 and are 100 percent leased to BJ’s Wholesale Club, a membership-only warehouse club chain based in Westborough, Mass., which primarily operates on the East Coast of the United States.
“Throughout the pandemic, we observed aggressive capitalization rate compression on essential business tenants such as warehouse clubs, especially