Advalurem Group is pleased to announce the acquisition of ownership interest in Comcast York Center, an 184,017 sf Class A office building located in the affluent Chicago suburb of Oak Brook, Illinois.
The property is 100% occupied and primarily leased to Comcast Corporation (NASDAQ: “CMCSA”), a fortune 500 media and tech company that provides internet, cable television and film entertainment services to millions of customers worldwide. Comcast has excellent credit with an A- rating by S&P. The property was built in late 1999 and offers attractive amenities not commonly found in other properties, including flexible floor plates, an underground direct access multi-level parking garage, full service cafe, and complete fitness center. Comcast York Center is located in a high income demographic area of Chicago, proximate to many demand drivers, transportation and commercial nodes.
Because of the partnership structure and size of the equity requirement, Advalurem Group provided its operating partner with Sponsor equity to help fully capitalize the acquisition of the Property. A portion of the proceeds were used to payoff an interim member loan that the operating partner had received from its joint venture partner prior to closing the transaction.
A new first mortgage was placed on the property with accretive financing terms. A significant portion of the investment returns will be generated from income distributions with prospects of future asset appreciation.
Advalurem Group is a real estate investment firm that specializes in providing equity for middle-market commercial real estate. The firm targets moderately sized real estate investments through joint venture structures and aims to become the leading equity source for this market segment. The group invests across all major property sectors and along the risk/return spectrum with an emphasis on core-plus and value-added strategies. Advalurem Group is managed by investment professionals who have extensive real estate private equity and investment management experience. The firm is based in New York.
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