Adventus Realty Trust announces the acquisition of two additional office properties located in suburban Chicago - The Crossings office complex in Oak Brook, IL and 111 Pfingsten Road in Deerfield, IL. Total consideration for the combined 424,437 square feet acquired, including acquisition costs, amounted to $52M.
The Crossings office complex, which closed on September 25, 2013, is a two building, Class-A office portfolio totaling 303,510 square-feet located in Oak Brook, IL. The complex is well diversified in terms of tenant industry representation and is anchored by Readerlink Distribution Services, AM Castle & Co., and Molina Healthcare. The acquisition was financed by JP Morgan Chase on a 10 year fixed rate basis at 5.073%.
The Pfingsten Road/Deerfield office complex, which closed on October 7, 2013, is a 120,927 square foot Class A office property located in Deerfield, IL. The complex is anchored by Morgan Stanley Smith Barney (MSSB) who recently signed a long term lease to expand existing space in the building. This acquisition was also financed by JP Morgan Chase on a 5 year fixed rate basis at 4.561%.
These two acquisitions bring the total square footage of suburban Chicago office properties under Adventus ownership and management to just over 1.28 million square feet.
“We are very excited about these acquisitions,” said Rod Johnston, President and CEO at Adventus. “The Crossings represents our second acquisition in the Oak Brook market, is a complementary asset to our existing Oak Brook Office Center location and is well represented by a variety of strong credit-worthy tenants and a favorable lease maturity profile. The Deerfield acquisition provides some further metropolitan area diversification in the north sector.”
Dan Svachula, Michael Simpson and Randel Waites of Cushman & Wakefield led the acquisition team with the help of Chuck Hoag and Trisha Connolly in Cushman & Wakefield’s Equity, Debt and Structured Finance Group. Please also refer to the Cushman & Wakefield news releases dated October 1, 2013 (for the Crossings) and October 7, 2013 (for Deerfield).
Adventus also announces the results of its third Term Sheet equity funding completed effective September 30, 2013 whereby it raised an additional $15.9M of equity during the quarter ended September 30, 2013. This brings the cumulative equity funds raised to date to approximately $36.6M.
Adventus Realty Trust is a private Real Estate Investment Trust (REIT) formed in early 2012. Adventus is based in Vancouver, British Columbia, Canada, and is focused on US income producing commercial real estate, initially in the suburban office market of Chicago, Illinois.
ADVENTUS REALTY TRUST
By its Trustee: ADVENTUS REALTY SERVICES INC.
Per: Rodney B. Johnston, CPA, FCA
President and Chief Executive Officer