US real estate investor Real Capital Solutions (RCS) has added the 207,714sqft MetroWest office building to its portfolio.
RCS said it has invested $16.1m (€13.7m) to acquire the building at 55 Shuman Blvd in Naperville for $16.1m as part of a strategy to secure “high-quality assets where pricing is dictated by capital markets dislocation rather than property fundamentals”.
MetroWest currently has an occupancy rate of 67.6%, and RCS plans to implement a targeted leasing and repositioning strategy to capitalise on the building’s existing tenant base, available vacancy and in-place infrastructure.
The purchase price of the 10-storey office building represents a discount to the property’s most recent sale for $32.5m in 2015, when it was nearly fully leased, RCS added.
Adam Abeln, chief acquisitions officer of Real Capital Solutions, said: “MetroWest is exactly the type of opportunity we’re focused on. It’s a well-located asset that’s been repriced due to capital market pressures. We’re acquiring it at a basis that allows us to create value through execution. There’s meaningful upside already embedded in this asset through leasing and operational execution.”
Today’s environment is about capital becoming more selective, Abeln said, adding that, “that’s creating opportunities for groups with the experience and resources to act”.
He said: “Our strategy is straightforward: acquire good buildings at the right basis and make them better. We’re applying a disciplined approach across multiple assets where pricing has reset and execution can drive returns.”
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