CHICAGO—Adventus Realty Trust has just purchased Columbia Centre in suburban Rosemont, a collection of class A office buildings with a total of 620,214-square-feet. It's just the latest in a string of purchases of suburban office buildings made by the Vancouver-based REIT, which now has a Chicago-area portfolio to over 2.1-million-square-feet. Cushman & Wakefield advised the company on this transaction and helped it assemble the Chicago portfolio over the last two years.
These properties, which combined have a 93% occupancy rate, include the 221,850-square-foot Columbia Centre I at 5600 N. River Rd., the 148,927 square-foot Columbia Centre II at 9450 W. Bryn Mawr Ave., and the 249,437-square-foot Columbia Centre III at 9525 Bryn Mawr Ave. All are class A office buildings with a combined 93% occupancy. Anchor tenants include World Kitchen, Life Fitness, and Resolution Life.
Although the prices were not disclosed, Cook County records show that the properties cost a total of $93.1 million.
“Supporting Adventus' growth strategy and continued portfolio growth in the Greater Chicago area has been and continues to be a top priority for our team,” said Randy Waites, senior managing director of C&W's corporate occupier and investor services for the Midwest region, in a prepared statement. A company spokesperson told GlobeSt.com that they could not comment further. “We are fully engaged on many levels with Adventus which has enabled us to provide them with our fully-integrated capabilities including property management, and agency leasing, in alignment with our “client-only” service approach.”
Randel Waites, Michael Simpson and Dan Svachula of Cushman & Wakefield handled the transaction. “We were extremely pleased to assist Adventus in the purchase of the Columbia Centre. It was an acquisition opportunity that was a strong match for their investment strategy in the Chicago market,” said Svachula, director of leasing.
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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.
