CHICAGO, IL – TUESDAY, MARCH 12, 2013 – Adventus Realty Trust, a Vancouver-based real estate investment trust, announced today the acquisition of Oak Brook Office Center in Oak Brook, IL.
“We are excited to enter the Oak Brook market with this acquisition,” said Rod Johnston, President and CEO at Adventus. “Oak Brook Office Center allowed us to acquire stable, well leased assets at well below replacement cost.”
Oak Brook International Office Center is a 4-asset, Class-A office portfolio totaling 312,212 square-feet located within the metropolitan area of Chicago, IL. The complex is anchored by Sanford, Olivet Nazarene and several entities owned by Inland. The complex is currently 90% leased. The acquisition was financed with a 10-year fixed interest, 30-year amortization loan originated by CIBC. The portfolio was leveraged at 73% of purchase price.
“Oak Brook Office Center strikes the right balance of value and location, said Brad Newell, Chairman at Adventus. “It is a great representation of the type of assets we are looking for.”
Michael Simpson, Dan Svachula, and Randel Waites of Cushman & Wakefield lead the acquisition team with the help of Chuck Hoag and Jeffrey Cohen in Cushman & Wakefield’s Equity, Debt and Structured Finance Group. HFF represented the seller.
"We enjoyed working with Adventus on their acquisition of Oak Brook Office Center. The buildings offer an unparalleled location in Oak Brook with a very strong existing tenant base,” said Michael Simpson, Agency Leasing Director for Cushman & Wakefield in Chicago.
“Our client sought the optimal balance of leverage and pricing which, in this case, meant a securitized loan. With two large tenants comprising a significant portion of the occupancy, we were able to structure the loan in order to best fit the needs of our client while keeping within the current requirements for securitization,” said Chuck Hoag, Managing Director for Cushman & Wakefield Equity Debt & Structured Finance in Chicago. “Conduit lenders were particularly attracted to the deal because of its stable cash flow from long term in-place leases, status as a mission critical facility for the largest tenants, and location in the strong Oak Brook office submarket."
Adventus Realty Trust is a Vancouver based private Real Estate Investment Trust which began operations as a private real estate investment trust in early 2012 and is focused on USA based commercial real estate. Seeking a niche market ripe with opportunities, founders Rod Johnston and Brad Newell launched Adventus as a private REIT to capitalize on price dislocation for select commercial real estate resulting from the 2008 recession and commercial real estate market correction. Adventus is planning to list on the TSX later in 2013. www.adventusrealty.com
About Cushman & Wakefield Equity, Debt & Structured Finance:
Cushman & Wakefield Equity, Debt & Structured Finance is a premier real estate investment banking organization serving the financing needs of the real estate industry for over a century. Founded in 1893, and previously known as Sonnenblick Goldman Company, the firm provides a full range of real estate related financial services, including debt and equity placement and joint venture structuring for virtually all product types, investment sales for lodging properties and senior housing/skilled nursing, mortgage loan sales, and advisory services on a global basis as part of the Cushman & Wakefield Capital Markets Group. Headquartered in New York City, Cushman & Wakefield Equity, Debt & Structured Finance has additional offices in Atlanta, Boston, Los Angeles, Chicago, Orlando, San Diego, San Francisco and Washington DC.
About Cushman & Wakefield:
Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm.
The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online atwww.cushmanwakefield.com/knowledge.
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