Inland Private Capital sells four medical properties
Inland Private Capital Corp. in Oak Brook announced the sale of three suburban medical office properties and one in Massachusetts for a gross sale price of $45.7 million.
IPC, through its subsidiary which serves as asset manager, facilitated the sale of the properties on behalf of the Medical Office Portfolio DST, one of its 1031 investment programs.
Three of the properties are leased to Barrington Orthopedic Specialists Ltd. These properties, all purchased by IPC in June 2014, are located approximately 20-35 miles northwest of downtown Chicago. The properties include a 30,000-square-foot building located at 864 Sterns Road in Bartlett, a 14,700-square-foot property at 120 E. Higgins Road in Elk Grove Village and a 40,000-square-foot location at 929 W. Higgins Road in Schaumburg.
Barrington Orthopedic Specialists was formed in 1980 and provides specialized orthopedic care in the northwest suburbs of Chicago.
The fourth property in the portfolio is located at 46 Obery St. in Plymouth, Massachusetts, approximately 40 miles south of Boston.
"The medical office portfolio DST was another successful full-cycle transaction on our medical office investment platform for IPC's investors," said Keith Lampi, president and chief operating officer of IPC. "The properties all provided consistent income and a substantial profit on sale, resulting in a 10.76 percent average annualized return to investors."
The sale resulted in a total return to the investors of 142.10 percent.