Inland Real Estate Corp.’s joint venture with Inland Private Capital Corp (IPCC), through which it sources, acquires and manages properties for individuals and entities intending to invest in Delaware Statutory Trust (DST) entities, has acquired the 114,481 square foot building fully leased by BJ’s Wholesale Club in Framingham, Mass. for $26.5 million.
The single tenant investment property was acquired from an unidentified third party. Simultaneous with the closing, the joint venture secured financing on the property in the amount of $15.9 million.
BJ’s Plaza in Framingham, Massachusetts, anchored by the freestanding BJ’s Wholesale Club, is located just off Route-30 and the Massachusetts Turnpike, according to samuelsre.com, which is the source for the photo on this page. Target, a new Lowe’s Home Improvement Store that is under construction and a Stop & Shop Supermarket surround the Plaza.
The joint venture with IPCC, originally formed in 2006, leverages Inland’s skill sets to access the growth potential of the DST market and increase its fee income. In accordance with the agreement, Inland sources properties and provides financing, acquisition and asset management expertise through the venture, while IPCC provides syndication expertise and access, through Inland Securities Corporation, to a network of broker dealers that market the properties to DST investors.