CHICAGO—The suburban office market may have a high vacancy rate, but many areas have a host of well-located, class A assets, and investors keep showing interest. The Canada-based REIT Adventus, for example,has just purchased Cantera Meadows, located in the western suburb of Warrenville.
Adventus was one of the most active suburban buyers in 2013, acquiring almost 1-million-square-feet, and paid $28.4 million to Chicago-based M&J Wilkow Ltd. and CarVal Investors LLC for the eight-story, 203,842-square-foot office building. Located at 28100 Torch Parkway, the property is 92% occupied.
A team from JLL led by managing director James Postweiler represented the owners. Adventus was represented by Cushman & Wakefield's Randy Waites, Dan Svachula and Michael Simpson.
“Cantera Meadows is an institutional-quality property that was nicely repositioned by the M&J Wilkow/CarVal team after purchasing the building empty from BP a couple years earlier,” says Postweiler. “Its diverse tenant base has an average of nearly eight years left on the leases, provides Adventus and their investors the opportunity to secure solid cash-flow.”
Adventus has assembled an impressive suburban portfolio in a short time. Last fall, it bought 111 Pfingsten Rd., a 120,927-square-foot, class A office property located in Deerfield. Also in 2013, Adventus bought the 312,262-square-foot, class B Oak Brook Office Center on Butterfield Rd., and the 303,510-square-foot Crossings of Oak Brook.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
