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IPC Completes 1031 on Wisconsin Retail
Inland Private Capital Corporation (IPC) completed the sale of a 70,433-square-foot grocery retail property in Mt. Pleasant, WI. The property sold for $17.84 million, an approximately 11% premium over investors’ acquisition price.
IPC, through its subsidiary that serves as asset manager, facilitated the sale on behalf of Mt. Pleasant Retail Venture DST, one of IPC’s 1031 investment programs.
Located at 2820 S. Green Bay Rd., the property is 100% leased to Kroger Co. and operates under the Pick ‘n Save retail banner.
The Pick ‘n Save property was one of three contiguous parcels offered in the Mt. Pleasant Retail Venture DST program. The other two parcels, 100% occupied by six tenants, weren’t part of the sale.
“In today’s current retail environment, IPC took the creative tactic in subdividing the shopping center and marketing the grocery component as a standalone, triple-net lease investment opportunity,” said Rahul Sehgal, CIO of IPC.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
- ◦Lease
