SAN DIEGO--(BUSINESS WIRE)--Sovereign Capital Management Group, a San Diego-based real estate
company, today announced the acquisition of Congress Center, a Class A,
524,800-square-foot, 16-story office tower in downtown Chicago,
Illinois. Located at 525 W. Van Buren in the West Loop, Congress Center
is a newer downtown office property that was delivered to a high
specification in 2002 and is leased to a variety of investment grade
tenants.
The property was acquired for $95,000,000 through a joint venture
between American Recovery Property Trust ("ARPT"), a Sovereign managed
entity, and New York based Northwood Investors. Brookfield Financial
acted as the property management training advisor to ARPT.
This transaction marks another successful recapitalization of a former
tenant-in-common-owned property that was originally syndicated by Triple
Net Properties, and subsequently managed by Daymark Realty Advisors.
"We are very excited to have closed on this real estate acquisition
through ARPT in a joint venture with Northwood Investors," says Todd A.
Mikles, CEO of Sovereign Capital Management Group. "Congress Center is a
quality asset that is now under ownership with the financial strength
necessary to invest in the building and lease the remaining vacant
space. Our goal is to continue recapitalizing properties in the Triple
Net commercial property management jobs Properties portfolio - specifically, challenged properties acquired
at the height of the real estate market."
The downtown office building is home to major tenants including the U.S.
General Services Administration, North American Company for Life and
Health Insurance, and AkzoNobel.
About Sovereign Capital Management Group, Inc.
Headquartered in San Diego, CA, Sovereign Capital Management Group, Inc.
and its closely held affiliates have grown to include nationwide asset
management, property management, advisory services, private equity
syndications and various property holdings across the United States. For
more information, visit www.sovcapital.com
or contact Mollie Field at [email protected]
or (619) 294-8989.
About Northwood Investors
Northwood Investors is a privately-held global real estate investment
firm with over $2 billion of real estate assets. Founded in 2006 by John
Z. Kukral, Northwood employs a value-driven investment strategy with a
longer-term outlook. Northwood has extensive experience investing in a
wide range of real estate assets worldwide, including office buildings,
shopping centers, hotels and residential investments. For further
information, please contact Vivian Tongalson, Managing Director, at
(212) 573-0815 or [email protected].
company, today announced the acquisition of Congress Center, a Class A,
524,800-square-foot, 16-story office tower in downtown Chicago,
Illinois. Located at 525 W. Van Buren in the West Loop, Congress Center
is a newer downtown office property that was delivered to a high
specification in 2002 and is leased to a variety of investment grade
tenants.
The property was acquired for $95,000,000 through a joint venture
between American Recovery Property Trust ("ARPT"), a Sovereign managed
entity, and New York based Northwood Investors. Brookfield Financial
acted as the property management training advisor to ARPT.
This transaction marks another successful recapitalization of a former
tenant-in-common-owned property that was originally syndicated by Triple
Net Properties, and subsequently managed by Daymark Realty Advisors.
"We are very excited to have closed on this real estate acquisition
through ARPT in a joint venture with Northwood Investors," says Todd A.
Mikles, CEO of Sovereign Capital Management Group. "Congress Center is a
quality asset that is now under ownership with the financial strength
necessary to invest in the building and lease the remaining vacant
space. Our goal is to continue recapitalizing properties in the Triple
Net commercial property management jobs Properties portfolio - specifically, challenged properties acquired
at the height of the real estate market."
The downtown office building is home to major tenants including the U.S.
General Services Administration, North American Company for Life and
Health Insurance, and AkzoNobel.
About Sovereign Capital Management Group, Inc.
Headquartered in San Diego, CA, Sovereign Capital Management Group, Inc.
and its closely held affiliates have grown to include nationwide asset
management, property management, advisory services, private equity
syndications and various property holdings across the United States. For
more information, visit www.sovcapital.com
or contact Mollie Field at [email protected]
or (619) 294-8989.
About Northwood Investors
Northwood Investors is a privately-held global real estate investment
firm with over $2 billion of real estate assets. Founded in 2006 by John
Z. Kukral, Northwood employs a value-driven investment strategy with a
longer-term outlook. Northwood has extensive experience investing in a
wide range of real estate assets worldwide, including office buildings,
shopping centers, hotels and residential investments. For further
information, please contact Vivian Tongalson, Managing Director, at
(212) 573-0815 or [email protected].