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 (鈧�13.7m) to acquire the building at 55 Shuman Blvd in Naperville for $16.1m as part of a strategy to secure 鈥渉igh-quality assets where pricing is dictated by capital markets dislocation rather than property fundamentals鈥�.
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鈥檚 existing tenant base, available vacancy and in-place infrastructure.
The purchase price of the 10-storey office building represents a discount to the property鈥檚 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: 鈥淢etroWest is exactly the type of opportunity we鈥檙e focused on. It鈥檚 a well-located asset that鈥檚 been repriced due to capital market pressures. We鈥檙e acquiring it at a basis that allows us to create value through execution. There鈥檚 meaningful upside already embedded in this asset through leasing and operational execution.鈥�
Today鈥檚 environment is about capital becoming more selective, Abeln said, adding that, 鈥渢hat鈥檚 creating opportunities for groups with the experience and resources to act鈥�.
He said: 鈥淥ur strategy is straightforward: acquire good buildings at the right basis and make them better. We鈥檙e applying a disciplined approach across multiple assets where pricing has reset and execution can drive returns.鈥�
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