Sources told ChicagoRealEstateDaily.com that Canadian real estate investment company Adventus Realty Trust had signed a deal to purchase Crossings in Chicago. The pair of three-story buildings in Oak Brook would have a price tag of USD 117 per square foot for a total of USD 35.5 million.
The real estate news website said the deal was 78% higher than what Davis Cos and Arthur Goldner & Associates Inc had paid for in 2010 when one-third of Crossings was unoccupied.
Real Capital Analytics Inc, a research company based in New York, told ChicagoRealEstateDaily that the deal was just another example of the continued flow of Canadian money into the commercial real estate business in Chicago and the US.
This year alone, Canadians acquired USD 7.71 billion worth of real estate in the US. Managing Director Dan Fasulo said, "Their capital markets are humming, the public markets are humming up there, their currency is at historically high levels, and there's relatively little real estate to buy (in Canada). It's really driving capital south of the border - not just equity, but debt."
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