OAK BROOK, Ill. -- Inland Private Capital Corp. (IPCC) has announced the sale of a portfolio of 7-Eleven convenience-store properties, located in northeastern Ohio, for a gross sale price of approximately $35.33 million.
The portfolio consists of 12 properties, totaling approximately 30,000 square feet, with more than 14 years remaining on their original 20-year absolute triple-net leases. They are located in the Ohio communities of Akron, Brunswick, Chagrin Falls, Cleveland, Mentor, Painesville, Stow, Streetsboro, Strongsville, Twinsburg, Willoughby and Willoughby Hills.
The portfolio was sold at a premium to the original acquisition price as well as the investors’ purchase price.
IPCC, through its subsidiary, which serves as asset manager, facilitated the sale of the portfolio on behalf of one of its 1031 investment programs. It did not name the buyer or buyers and did not return a request for comment by press time.
“We purchased this portfolio in November 2013, and the investment was very successful due to the properties’ compelling location fundamentals. Each property is ideally situated in a dense retail corridor with strong traffic counts and good demographics,” said Rahul Sehgal, chief investment officer of IPCC. “The result was a substantial return for our investors and an opportunity for them to invest a significant portion of the proceeds into another property owned by a different Inland-sponsored program.”
IPCC sold the portfolio at a premium to the original acquisition price as well as the investors’ purchase price.
Oak Brook, Ill.-based IPCC is a part of the Inland Real Estate Group of Cos. Inc.
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