Inland Private Capital Corporation (IPC) has sold 29 pharmacy properties in five months. The properties, totaling 398,040 square feet, were sold through various transactions for a total of $172.3 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 nine IPC 1031 investment programs.
The sales resulted in a total return to investors of 172.98 percent of their original investment, and an average annual return of 8.61 percent.
“All sales were profitable based upon the fully loaded purchase price paid by investors,” said Dan Zatloukal, executive vice president – head of asset management of IPC. “Necessity-based retail is also in very high demand, which provided us with another opportunity to deliver successful liquidity events to investors.”
The sales included six CVS and 23 Walgreens pharmacies located across the country.
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