Adventus Realty Trust (“Adventus”) is pleased to announce it has acquired three prestigious trophy office buildings (“Riverway”, or the “Properties”) in the suburban district of Rosemont, Illinois for consideration of US$173 million. The Properties are geographically situated at the center of Metropolitan Chicago, intersecting two of the region’s most vital driving arteries, adjacent to the Chicago Transit Authority rail line, and only a few minutes from the O’Hare International Airport, the country’s second busiest airport.
“This acquisition will be a transformational asset to the Adventus portfolio,” commented Rod Johnston, President and CEO of Adventus. “With these Properties, Adventus will own approximately one-third of all Class A office buildings in the top performing O’Hare submarket, and it will make Adventus the third largest office building owner in suburban Chicago. Our property assets with the Riverway acquisition competed, now approximate US$630 million.”
Darcy Brabbins, COO of Adventus, added, “These trophy assets are in a superior location within the most desirable submarket of suburban Chicago, and along with our acquisition of the Columbia Center complex in 2014, provide Adventus with two of the best properties in the O’Hare sub-market. Continuing with our core strategy, Adventus acquired Riverway significantly below replacement cost and at a cap rate of approximately 8.7%.”
Dan Svachula and Michael Simpson of Cushman & Wakefield led the acquisition team for Adventus.
"Amenities and access to public transportation are critical to today's end user, and Riverway has the best of both,” commented Michael Simpson, Senior Director for Cushman & Wakefield in Chicago.
Located in Rosemont, Illinois, Riverway consists of three office buildings, a daycare building and all associated parking totaling 869,120 leaseable square feet, and was purchased for US$173 million, or US$199/sf. Riverway is anchored by the global headquarters for US Foods, Inc. (“US Foods”), representing 37% of the leaseable area with a remaining term of 7.1 years. US Foods is a Fortune 500 (#122 of 500) company and one of America’s leading foodservice distributors, with nearly 25,000 employees and more than 60 locations, generating approximately US$23 billion in annual revenue.