Sovereign Capital Management Group Announces Acquisition of Congress Center

PRLog (Press Release) - Oct. 24, 2012 - 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 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 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 mfield@sovcapital.com 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 vtongalson@northwoodinvestors.com.