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ATEL Enters Chicago Office Market With River North Acquisition

CHICAGO-San-Francisco-based ATEL Properties Inc., through its affiliate Maxsam Capital Corp., purchases 225 W. Superior in the River North neighborhood from locally based Barnett Capital.

By Dana Dubriwny | Updated on October 06, 2005

CHICAGO-Maxsam Capital Corp., an affiliate San-Francisco-based ATEL Properties Inc., has acquired Barnett Capital’s 42,000-sf office building occupied by Seven World Wide at 225 W. Superior in Chicago’s River North neighborhood.

Danny Rabb, director of acquisitions for ATEL, tells GlobeSt.com the company purchased the building for $6.85 million, translating to an average cap rate of 7.1%. Rabb says that the company was most impressed with the tenant’s credit, along with its long-standing lease agreement. Seven World, a subsidiary of the international marketing firm Schawk Inc., has 14 years left on a 15-year lease.

The acquisition is the first Chicago property for the firm, but Rabb tells GlobeSt.com the company is “actively looking” for other Chicago-area opportunities. “It’s a great city, and it’s going to be around for a long time,” he says. “River North is a vibrant area, and it has a great appreciation value.”

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