Inland Private Capital Corporation Successfully Sells Freedom Commons in Naperville, Illinois
September 19, 2017
Oak Brook, Ill. – Inland Private Capital Corporation (“IPCC”) today announced the sale of Freedom Commons located in Naperville, Illinois. IPCC, through its subsidiary which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs.
Located at 1703-1847 Freedom Drive in Naperville, an affluent suburb approximately 33 miles west of Chicago, the collective 81,760-square-foot retail center includes a variety of restaurant and service tenants. Constructed between 2007 and 2013, tenants include AthletiCo Physical Therapy, Maggiano’s Little Italy, Morton’s the Steakhouse, Old Town Pour House and others.
“The positive leasing activity during the first quarter of the year, combined with the 10 year extension of the Maggiano’s Little Italy lease, was instrumental in positioning this asset for a successful disposition,” said Rahul Sehgal, chief investment officer of IPCC. “This was another positive full-cycle transaction for IPCC that resulted in substantial returns for our investors.”
The property was sold at a premium to the investors’ 2013 purchase price. Coupled with cash flow generated during the holding period, the sale resulted in a total return to the investors of 149 percent (calculated based on the aggregate amount of original capital invested in the property). In addition, the sale resulted in a 15.59 percent average annual return (calculated using the cash flow from the property’s operations, the proceeds from the sale, and the duration of the hold period to determine an annualized rate of return, inclusive of all fees and expenses).
About Inland Private Capital Corporation
Inland Private Capital Corporation, based in Oak Brook, Ill., offers replacement property investments for persons participating in a 1031 tax deferred exchange, as well as opportunities for accredited investors who are seeking a real estate investment. Inland Private Capital Corporation is a part of The Inland Real Estate Group of Companies, Inc., which is comprised of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored or managed by Inland Real Estate Investment Corporation or its subsidiaries. As of June 30, 2016, IPCC had sponsored 190 private placement programs. The 190 private placement programs include 487 properties, comprised of over 29 million square feet of gross leasable area, and including 8,515 residential units, for an aggregate offering price of more than $5.9 billion.
Located at 1703-1847 Freedom Drive in Naperville, an affluent suburb approximately 33 miles west of Chicago, the collective 81,760-square-foot retail center includes a variety of restaurant and service tenants. Constructed between 2007 and 2013, tenants include AthletiCo Physical Therapy, Maggiano’s Little Italy, Morton’s the Steakhouse, Old Town Pour House and others.
“The positive leasing activity during the first quarter of the year, combined with the 10 year extension of the Maggiano’s Little Italy lease, was instrumental in positioning this asset for a successful disposition,” said Rahul Sehgal, chief investment officer of IPCC. “This was another positive full-cycle transaction for IPCC that resulted in substantial returns for our investors.”
The property was sold at a premium to the investors’ 2013 purchase price. Coupled with cash flow generated during the holding period, the sale resulted in a total return to the investors of 149 percent (calculated based on the aggregate amount of original capital invested in the property). In addition, the sale resulted in a 15.59 percent average annual return (calculated using the cash flow from the property’s operations, the proceeds from the sale, and the duration of the hold period to determine an annualized rate of return, inclusive of all fees and expenses).
About Inland Private Capital Corporation
Inland Private Capital Corporation, based in Oak Brook, Ill., offers replacement property investments for persons participating in a 1031 tax deferred exchange, as well as opportunities for accredited investors who are seeking a real estate investment. Inland Private Capital Corporation is a part of The Inland Real Estate Group of Companies, Inc., which is comprised of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored or managed by Inland Real Estate Investment Corporation or its subsidiaries. As of June 30, 2016, IPCC had sponsored 190 private placement programs. The 190 private placement programs include 487 properties, comprised of over 29 million square feet of gross leasable area, and including 8,515 residential units, for an aggregate offering price of more than $5.9 billion.