Adventus Acquires Cantera Meadows Office Building - 21 News Now, More Local News for Youngstown, Ohio -

Adventus Acquires Cantera Meadows Office Building

Posted: Updated:

Vancouver, BC / ACCESSWIRE / March 11, 2014 / Adventus Realty Trust (Adventus) is pleased to announce the acquisition of its fifth office building, Cantera Meadows, located in suburban Chicago. Cantera Meadows complements the other properties in our portfolio which has now grown to approximately 1.5 million square feet of office space, all located in the suburban Chicago market.

Rod Johnston, President and CEO of Adventus, states: “We have put together a strong portfolio of properties, worth approximately US $150 million, since the inception of Adventus in 2012. Our latest acquisition, Cantera Meadows, and our other properties are confirmation of the value of our focus.

The market for US real estate is improving, yet we are not having any problem finding exceptional properties in our niche of office properties in the US $10-50 million range.

This niche gives us a distinct advantage and enables us to acquire properties on favourable terms that give us a healthy margin between our acquisition capitalization rates and our mortgage rates. We are within reach of our goals for 2014, which include acquiring 2 million square feet of lease space, approximately US $200 million in asset values and diversifying to our second city.”

Cantera Meadows

Located in Warrenville, Illinois, Cantera Meadows was built in 1997, and was purchased for $28.4 million, or $139 per square foot. The building is 8 stories and contains 203,842 square feet of leaseable area. The property, which is 92% leased on a long term basis, is anchored by EN Engineering, a large oil and gas engineering firm and one of the fastest growing companies in the US, and Patterson Medical, a subsidiary of Patterson Companies, a US publicly traded $4.5B dental and medical supply company with a 100 year-plus operating history.

The Property was financed by JP Morgan Chase who provided $19.88M of non-recourse first mortgage financing on a 10 year basis at rate of 4.9775%.

About Adventus

Adventus is a Vancouver, BC based Real Estate Investment Trust focused solely on US office properties in the US $10M – $50M range. For more information on Adventus including our team, corporate strategy, photo gallery , details of our portfolio, and press releases, we invite you to visit our website.

ADVENTUS REALTY TRUST

By its Trustee: ADVENTUS REALTY SERVICES INC.

Per: Rodney B. Johnston, CPA, FCA

President and Chief Executive Officer


Click Image To View Full Size

ReleaseID: 412935

  • More From wfmj.comMore>>

  • Corbett: I kept no-new tax pledge the 'best I can'

    Corbett: I kept no-new tax pledge the 'best I can'

    Wednesday, August 20 2014 9:48 PM EDT2014-08-21 01:48:38 GMT
    Pennsylvania Gov. Tom Corbett says he believes he fulfilled the spirit of his 2010 campaign pledge not to raise taxes or fees, but he won't renew that sweeping vow in his current bid for a second term.More >>
    Pennsylvania Gov. Tom Corbett says he believes he fulfilled the spirit of his 2010 campaign pledge not to raise taxes or fees, but he won't renew that sweeping vow in his current bid for a second term.More >>
  • $2M offered to Ohio farmers to help reduce algae

    $2M offered to Ohio farmers to help reduce algae

    Tuesday, August 19 2014 10:07 PM EDT2014-08-20 02:07:19 GMT
    TOLEDO, Ohio (AP) - The federal government is offering $2 million to Ohio farmers to help prevent farm runoff that contributes to potentially harmful algae blooms. Farmers in 20 counties in the western Lake Erie watershed can apply for some of the funds to plant cover crops to reduce nutrient runoff and erosion. The federal money, provided by the Natural Resources Conservation Service, is aimed at reducing future algae blooms. U.S. Sen. Sherrod Brown and Toledo Rep. Marcy Kaptur announced th...More >>
    TOLEDO, Ohio (AP) - The federal government is offering $2 million to Ohio farmers to help prevent farm runoff that contributes to potentially harmful algae blooms. Farmers in 20 counties in the western Lake Erie watershed can apply for some of the funds to plant cover crops to reduce nutrient runoff and erosion. The federal money, provided by the Natural Resources Conservation Service, is aimed at reducing future algae blooms. U.S. Sen. Sherrod Brown and Toledo Rep. Marcy Kaptur announced th...More >>
  • 5K-8K gallons of fuel oil spills into Ohio River

    5K-8K gallons of fuel oil spills into Ohio River

    Tuesday, August 19 2014 10:06 PM EDT2014-08-20 02:06:15 GMT
    CINCINNATI (AP) - An estimated 5,000 to 8,000 gallons of fuel oil spilled into the Ohio River, closing about a 15-mile section of the waterway southeast of Cincinnati. A Coast Guard spokeswoman says that the section of river was closed to river traffic Tuesday to enable cleanup and response. A Duke Energy spokeswoman says the spill from a Duke power plant in New Richmond, about 20 miles southeast of Cincinnati, happened late Monday night. Duke Energy spokeswoman Sally Thelen says the spill oc...More >>
    CINCINNATI (AP) - An estimated 5,000 to 8,000 gallons of fuel oil spilled into the Ohio River, closing about a 15-mile section of the waterway southeast of Cincinnati. A Coast Guard spokeswoman says that the section of river was closed to river traffic Tuesday to enable cleanup and response. A Duke Energy spokeswoman says the spill from a Duke power plant in New Richmond, about 20 miles southeast of Cincinnati, happened late Monday night. Duke Energy spokeswoman Sally Thelen says the spill oc...More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 Worldnow and WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms