October 9, 2019
Inland Private Capital Corporation (IPC) sold a 377,332-square-foot Bank of America office building in Baltimore’s Hunt Valley submarket for $99.3 million. The buyer wasn’t identified. Through a subsidiary that serves as the property’s asset manager, IPC facilitated the sale on behalf of one of its 1031 investment programs.
Constructed in 1974 and expanded in 1997, the Hunt Valley building represented IPC’s largest pre-recession investment holding in the corporate office sector. The company acquired it in July 2008, and managed it through the economic and real estate downturn that began a few months later.
In anticipation of the 1031 program’s liquidity event, the asset manager obtained a lease extension with BofA and completed a refinance and recapitalization effort.
“The Hunt Valley sale is an excellent example of IPC’s commitment and determination to provide successful full-cycle transactions to its investors,” said Keith Lampi, president and COO of IPC.
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