Inland sells eight drugstore buildings for $37 million
OAK BROOK -- Inland Private Capital Corp. Wednesday said it sold eight Walgreens drugstore properties in four states for a total of $37 million.
The properties sold in separate transactions at a premium to the allocated offering price paid by investors, the Oak Brook-based investment management company said.
Inland, through its subsidiary that serves as asset manager, facilitated the sales on behalf of Pharmacy Sale Leaseback II DST, one of Inland's 1,031 investment programs.
The sales resulted in a total return to investors of 157% of their original investment, and an average annual return of 7.52%, the company said.
"Necessity-based retail remains in high demand, which helped to maximize performance in terms of valuation, and with the added benefit of a flexible debt structure, the asset management team was able to capitalize on the opportunity to deliver another profitable, full-cycle liquidity event to investors," said Keith Lampi, president and chief operating officer of Inland Private Capital.