{"id":1004675044,"date":"2023-08-04T06:55:19","date_gmt":"2023-08-04T14:55:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004675044"},"modified":"2023-08-04T06:55:20","modified_gmt":"2023-08-04T14:55:20","slug":"civitas-capital-group-buys-chicago-area-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/civitas-capital-group-buys-chicago-area-office-asset\/","title":{"rendered":"Civitas Capital Group Buys Chicago-Area Office Asset"},"content":{"rendered":"
\"450<\/a>

The building at 450 East 22nd St. in Lombard, Ill., changed hands in a sale-leaseback deal. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

Civitas Capital Group<\/strong> has acquired the 67,119-square-foot Credit Union 1<\/strong>\u2019s Lombard, Ill., headquarters in a sale-leaseback deal. The transaction included a 15-year triple net lease agreement and involved the seller master leasing a 43,556-square-foot office building in Henderson, Nev., owned by Civitas since 2021.<\/p>\n

Completed in 1984, the two-story building in Lombard last traded in 2021 for $6.5 million, according to CommercialEdge data. Other tenants at the property include Werner Enterprises, Madrigal Consulting & Counseling and Synergy Recruiting, as well as several medical tenants, the same data provider shows. Located at 450 East 22nd Street, the asset is close to Interstate 355, while being roughly 27 miles west of Chicago and some 14 miles from Naperville.<\/p>\n

Civitas Capital Group acquired the Henderson for $13.5 million, backed by a $9.5 million loan from Western Alliance Bank<\/strong>, CommercialEdge information shows. The two-story building was completed in 2007 and comprises 17,251 square feet of ground-floor retail. Located at 2651 Paseo Verde Parkway, it is just off Highway 146 and close to Interstate 215, while being roughly 16 miles south of Las Vegas and 8 miles from central Henderson.<\/p>\n

Seeking opportunities in the office sector<\/h2>\n

Civitas Capital Group Vice President of Investments Jorge Adler stated in prepared remarks that the company used the price dislocation in the office sector in its advantage, adding that the deal\u2019s structure ought to keep cash flow resistant to short-term economic fluctuations.<\/p>\n

A recent Boulder Group report<\/a> shows that single-tenant net-lease cap rates have been on an upward trend for the past five consecutive quarters. Specifically within the office sector, cap rates reached 7.3 percent in the second quarter, marking a 27-basis-point increase since the end of March.<\/p>\n","protected":false},"excerpt":{"rendered":"

The sale-leaseback deal also involved the leasing of a 43,556-square-foot property in Nevada.<\/p>\n","protected":false},"author":3120,"featured_media":1004675045,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1491,21783,13,21742,21747],"tags":[34104,44396],"class_list":["post-1004675044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-chicago","category-investment","category-midwest","category-latest","category-office","tag-civitas-capital-group","tag-western-alliance-bank"],"acf":[],"yoast_head":"\nCivitas Capital Group Buys Chicago-Area Office Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Civitas Capital Group has acquired Credit Union 1\u2019s headquarters in Lombard, Ill., a 67,119 square-foot office building.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/civitas-capital-group-buys-chicago-area-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Civitas Capital Group Buys Chicago-Area Office Asset\" \/>\n<meta property=\"og:description\" content=\"Civitas Capital Group has acquired Credit Union 1\u2019s headquarters in Lombard, Ill., a 67,119 square-foot office building.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/civitas-capital-group-buys-chicago-area-office-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-04T14:55:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-04T14:55:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/450-East-22nd-Street-e1691131740502.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Radu Corfus\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/civitas-capital-group-buys-chicago-area-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/civitas-capital-group-buys-chicago-area-office-asset\/\",\"name\":\"Civitas Capital Group Buys Chicago-Area Office Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/civitas-capital-group-buys-chicago-area-office-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/civitas-capital-group-buys-chicago-area-office-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/450-East-22nd-Street-e1691131740502.jpg\",\"datePublished\":\"2023-08-04T14:55:19+00:00\",\"dateModified\":\"2023-08-04T14:55:20+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a04f9fc8d7ed936167c8786eb77e39c2\"},\"description\":\"Civitas Capital Group has acquired Credit Union 1\u2019s headquarters in Lombard, Ill., a 67,119 square-foot office building.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/civitas-capital-group-buys-chicago-area-office-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/civitas-capital-group-buys-chicago-area-office-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/civitas-capital-group-buys-chicago-area-office-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/450-East-22nd-Street-e1691131740502.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/450-East-22nd-Street-e1691131740502.jpg\",\"width\":1000,\"height\":750,\"caption\":\"Combined, the portfolio totals 110,675 square feet of leased office space. 450 East 22nd St, Lombard, Ill. 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