In early March 2014, Adventus closed on its fifth office property, with the purchase of Cantera Meadows, in suburban Chicago.
Cantera Meadows was purchased for $28.4 million, or $139 per square foot. The building is 8 stories and contains 203,842 square feet of leasable area. It is 92% leased on a long term basis, and 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 $4.5 billion dental and medical supply company with a 100 year-plus operating history.
The Property was financed by JP Morgan Chase Bank who provided $19.88 million of non-recourse financing, on a 10-year basis at a rate of 4.9775%.