OAK BROOK, ILL—Inland Private Capital Corporation has sold a 553,000-sq.-ft. distribution center in Davenport, Iowa for $26.1 million. Currently 100 percent occupied by John Deere, the center was purchased by an unaffiliated third party.
Inland Private Capital Corporation offered the property to a group of private tenant-in-common investors in 2003.
“With five years remaining on the lease, the investors voted unanimously to sell the asset rather than refinance the existing mortgage,” said Rahul Sehgal, senior vice president of Inland Private Capital Corporation.
Inland Private Capital Corporation is a part of the Inland Real Estate Group of Companies Inc., a group of independent legal entities. Inland owns and manages more than 130 million sq. ft. of diversified commercial real estate in 48 states.