Inland Private Capital announced on January 6, 2015 the sale of the BB&T headquarters, a 240,000-square-foot, 20-story office tower at 200 West Second Street in Winston-Salem, North Carolina. The tower was the sole property of Winston-Salem Office DST, per Inland's news release and the executive summary published for the offering, so its sale took the Trust full cycle.
Record | Detail |
|---|---|
Sponsor | Inland Private Capital |
Trust | Winston-Salem Office DST |
First Form D | March 1, 2012 |
Offering ceiling | $24,494,554 |
Minimum investment | $25,000 |
Exemption | Rule 506(b) |
Industry category as filed | Other Real Estate |
Exit type | Property sold |
Sale announced | January 6, 2015 |
Hold period, first Form D to announcement | 2.9 years |
Aggregate net proceeds | Approximately $25 million, as reported by the sponsor (news release, executive summary) |
Total return to investors | 120.53%, as reported by the sponsor (news release, executive summary) |
Annualized return | not stated |
Equity multiple | not stated |
The sponsor's proceeds figure is aggregate and net. The gross price the buyer paid and the debt outstanding at closing are not on the record, and neither is the closing date; the announcement is the event the record dates exactly. No annualized figure and no equity multiple appear in either document.
Beyond the Trust's first Form D, the SEC filing record carries no offering terms. A terms document does exist off that record, in the executive summary published for the offering. What is missing from the material on the record here is any original projection from the offering documents, so the sponsor's reported result stands without a stated figure from the offering to sit beside it.
Both documents report the same two figures, and the basis recorded for each is the sponsor's announcement, which is why Top1031 treats the executive summary as carrying the sponsor's numbers rather than measuring them independently. On Top1031's record, one other Inland Private Capital offering had reached full cycle before this one. The Trust's filing record on hand consists of the single Form D.