OAK BROOK -- Inland Private Capital Corp. recently sold its leasehold interest in a 76,768-square-foot Bank of America office property located in Rio Rancho, New Mexico, for $9 million.
IPC, through its subsidiary which serves as asset manager, facilitated the sale on behalf of North Albuquerque Office DST, one of its 1031 investment programs. The Rio Rancho property was purchased in 2008 and IPC managed the asset through the economic and real estate downturn of the Great Recession.
"This program weathered the economic volatility brought on by the Great Recession, while also navigating the challenges of the suburban office sector, which ultimately led to consistent income and a substantial profit on the sale," said Keith Lampi, president and chief operating officer of IPC.
The sale does not impact current business operations of the tenant, Bank of America.
The original investment program also included a 377,332-square-foot office property located in Hunt Valley, Maryland, which recently sold for $99.3 million.