Inland Real Estate Investment Corporation announced the completion of the approximately $28 million equity raise for Office Conversion Opportunity Zone, LLC, a private real estate investment vehicle structured to qualify as a Qualified Opportunity Fund and sponsored by an affiliate of Inland Investments. The offering has been fully subscribed and is now closed.
The fund maintains an approximately 89 percent ownership interest in a 16-story building located at 386 Wabasha Street North in downtown St. Paul, Minnesota. The property is being redeveloped from an underutilized office building into a multifamily residential community featuring 178 apartment units and approximately 2,338 square feet of street-level retail space.
The redevelopment is being executed in partnership with Kaeding Development Group LLC as development partner, R.E.C., Inc. d/b/a Ron Clark Construction & Design as general contractor, and Bader Management, Inc. as property manager.
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