OAK BROOK, IL—Inland Private Capital Corp. has just sold Fox River Commons Shopping Center, a 78,977 square-foot retail development in Grand Chute, a town near Green Bay, WI, for a gross sale price of $12,200,000. Officials from IPCC, part of the Oak Brook, IL-based Inland Real Estate Group of Companies, Inc., say they facilitated the sale on behalf of one of its 1031 investment programs.
The center is within the Fox River metropolitan area's major retail trade area at the intersection of Casaloma Dr. and Collage Ave. Tenants include Bed Bath & Beyond, Barnes & Noble and Old Navy.
“This investment was very successful, and we were pleased to negotiate 10-year lease extensions with Barnes & Noble and Bed Bath & Beyond to enhance the positioning of the asset for sale,” says Rahul Sehgal, chief investment officer of IPCC. “We purchased the property in October 2002 and it performed as expected, providing significant total return for our investors and a steady income stream. Many have elected to reinvest a significant portion of the proceeds into another property owned by a different Inland-sponsored program.”
Company officials add that the center was sold at a premium to the original acquisition price, and the sale resulted in a total return to investors of 191.45%.
As of December 31, 2014, IPCC had sponsored 166 private placement programs. The programs include 418 properties, with over 21.88 million square feet of gross leasable area.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
