The Edmond Sun
Inland Private Capital Corporation recently announced the sale of a CVS property at 3200 S. Santa Fe Ave., in Edmond. Inland, through its subsidiary which serves as asset manager, facilitated the sale of the store on behalf of one of its 1031 exchange investors, who owned the property.
The Oklahoma County Assessor’s online property records database shows the property owner as CVS Caremark No. 6234 with a mailing address in Upper Saddle River, N.J.
“While this CVS property was providing regular monthly cash distributions for our investor, the loan was maturing early next year and we believe now was the ideal time to take advantage of the property’s remaining lease term and the pricing in the current market, especially considering our investor purchased the asset in May of 2005,” stated Rahul Sehgal, chief investment officer of Inland. “The result was a substantial return for our investor and an opportunity for him to invest a significant portion of the proceeds into another property owned by an Inland-sponsored program.”
The CVS property was sold at a premium to the $3.76 million the investor originally paid. Coupled with cash flow generated during the holding period, the sale resulted in a total return on investment of 182.5 percent, which was calculated based on the aggregate amount of original capital invested in the property.
Inland did not disclose the name of the buyer of the property on Friday, but did confirm the property will remain operating as a CVS Pharmacy at this time.
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.