Three of the properties that were sold are leased to Barrington Orthopedic Specialists, Ltd,
OAK BROOK, IL—Inland Private Capital Corp. has sold a total of four medical office properties in Illinois and Massachusetts for a gross sale price of $45.7 million.
Locally-based IPC, through a subsidiary serves as asset manager for the properties, facilitated the sale of the properties on behalf of the Medical Office Portfolio DST, one of its 1031 investment programs. The company did not identify the buyer or buyers of the four properties.
Three of the properties are leased to Barrington Orthopedic Specialists, Ltd, with operations in the northwest suburbs of Chicago. These properties were all purchased by IPC in June 2014 and are located approximately 20-35 miles northwest of downtown Chicago. The properties include a 30,000-square-foot building located at 864 Sterns Road in Bartlett, a 14,700-square-foot property at 120 East Higgins Road in Elk Grove Village and a 40,000-square-foot location at 929 West Higgins Road in Schaumburg.
The fourth property in the portfolio to change hands was 46 Obery St. in Plymouth, MA, approximately 40 miles south of Boston. Constructed in 2013, the 30,803-square-foot building is leased by Jordan Physician Associates, Inc., a Massachusetts not-for-profit corporation. The property was purchased by IPC in August 2014.
“The Medical Office Portfolio DST was another successful full-cycle transaction on our medical office investment platform for IPC's investors,” says Keith Lampi, president and COO of IPC. “The properties all provided consistent income and a substantial profit on sale, resulting in a 10.76% average annualized return to investors.”
The company states the sale resulted in a total return to the investors of 142.10% (calculated based on the aggregate amount of original capital invested in the property).
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
