In mid October 2014, Adventus closed on its sixth office property, with the purchase of the Columbia Center Complex at O'Hare, in suburban Chicago.
Located in Rosemont, Illinois, the Columbia Center complex consists of three buildings in very close proximity to each other. The buildings are all between 7 and 9 stories, contain 620,214 square feet of leaseable area in total, and were purchased for US $93.1 million, or $150/sf. The properties, which are 93% leased on a long term basis, include a number of high profile tenants including Brunswick Corp., the world's largest maker of fitness equipment (Life Fitness), and World Kitchen LLC, a private manufactorer of kitchenware products including several notable brands (Pyrex and Corningware).
The debt financing for the complex was initiated by JP Morgan Chase who provided $66.5M of non-recourse first mortgage financing, on a 10-year basis at a rate of 4.22%.
Upon completion of this purchase Rod Johnston, President and CEO of Adventus, stated: "The Columbia Center complex is a strategic addition to the Adventus portfolio which now stands at just under 2.1 million square feet with a value of approximately US $250M. The complex itself offers a superior location, access to the neighboring entertainment district, Stephens Convention Center, and is within walking distance of the Blue Line, Chicago's rapid transit system which connect Downtown and Metra. In addition, the complex has a first class amenity package including a state of the art fitness center, two delis, manned security, conference facility, covered parking and shuttle service. We believe the complex offers significant potential rental growth when compared to the competing properties in the area and, as such, have been targeting the complex for acquisition by Adventus for approximately two years.