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IPC Monetizes Net-Leased Wholesale Club Portfolio
Inland Private Capital Corporation (IPC) closed the sale of two wholesale club properties, located in Attleboro, MA and Baltimore. IPC, through its subsidiary that serves as asset manager, facilitated the sale of the properties on behalf of East Coast Wholesale Portfolio DST, one of its 1031 investment programs.
The portfolio sale resulted in a total return to investors of 153.95% of their original investment. Deal terms weren’t disclosed.
Both properties were acquired in 2016 and are 100% leased to BJ’s Wholesale Club, Inc.
“Throughout the pandemic, we observed aggressive capitalization rate compression on essential business tenants such as warehouse clubs, especially throughout the triple net lease segment of the market,” said Keith Lampi, president and COO of IPC. “Given the potential for strong valuations, we decided to market the portfolio for sale, resulting in a favorable outcome to investors with average annualized returns ranging from 8.9 to 10.9%.”
- ◦Sale/Acquisition
