In September 2013, Adventus closed on its third commercial real estate acquisition, with the purchase of The Crossings, which is also the second acquisition in the Oak Brook sub-market of Chicago.
The Crossings is a Class-A property totalling 304,510 square-feet. The Oak Brook sub-market is one of the most prestigious and sought after areas in suburban Chicago to live and work, and gives Adventus a strong presence in this market with two exceptional properties.
The Crossings was purchased for $36.0 million, including transaction costs; it was financed with a mortgage from JP Morgan Chase Bank, on a non-recourse basis for $24.8 million, at a fixed interest rate of 5.073% on a 10-year term (30-year amortization).
The property is approximately 91% occupied; with two major tenants who maintain their headquarters on-site: Readerlink and AM Castle. The property is located among several public parks, corporate retreat facilities, golf courses and is visible from the Illinois Tollway (I-88).