Inland sells 29 CVS and Walgreens properties

The Inland Private Capital Corporation has been busy the first half of the year.

The Oak Brook, Ill.-based real estate investment company announced the sales of six CVS and 23 Walgreens pharmacies located across the United States over a span of five months. That's a total of 398,040 sq. ft. of pharmacy retail property sold for a total of $172.3 million, a premium to the allocated offering price paid by investors.

IPC, through its subsidiary that serves as asset manager, facilitated the sales on behalf of nine IPC 1031 investment programs.

“All sales were profitable based upon the fully loaded purchase price paid by investors,” said Dan Zatloukal, executive VP and head of asset management of Inland Real Estate Investment Corporation. “Necessity-based retail is also in very high demand, which provided us with another opportunity to deliver successful liquidity events to investors.”

IPC specializes in offering multiple-owner, tax-focused, private placement investments as well as Qualified Opportunity Zone investments throughout the U.S. Since its inception, IPC has monetized in excess of $3.7 billion in transactions on behalf of its investors. The company also manages a diverse portfolio of more than $10.6 billion across several asset classes spanning 43 states.