Inland Private Capital sells Bank of America building in Baltimore for $100m

Illinois-based Inland Private Capital (IPC) has sold a 377,332-square-foot Bank of America office building in the Hunt Valley submarket of Baltimore for almost $100 million.

The $99.3 million sale was made on behalf of one of its 1031 exchange investment programs.

Constructed in 1974 and expanded in 1997, the Hunt Valley building is IPC’s largest pre-recession investment holding in the corporate office sector.

Following IPC’s purchase of the property in July 2008, the alternative investment manager secured a 10-year lease extension and completed a refinance and recapitalization in an effort to maximize value on behalf of investors.

“Several years ago, we began the implementation of our exit strategy by building up a substantial property reserve balance, while maintaining a consistent distribution throughout the hold period,” said Rahul Sehgal, CIO at IPC. “The vast majority of the tenant improvement dollars were funded by reserves, avoiding the need for a capital call from investors.”

IPC has completed 19 full-cycle asset dispositions in 2019, representing an aggregate sale price of $665.7 million.

Last month, IPC sold a 145,020-square-foot Las Vegas Life Time Fitness property for $53.5 million. The firm also entered the senior living sector with the creation of a strategic relationship with the Spectrum Retirement Communities, a privately owned, fully integrated owner, operator and developer of senior living communities nationwide.