In early October 2013, Adventus closed on its fourth commercial real estate acquisition, with the purchase of the office complex at 111 S. Pfingsten Road, in suburban Chicago. This office complex in Deerfield, Illinois, is a Class-A office property totaling 120,927 square-feet.
The Deerfield Office complex was purchased for $15.9 million, including transaction costs; it was financed with a mortgage from JP Morgan Chase Bank, on a non-recourse basis for $11.6 million, at a fixed interest rate of 4.561 on a 5-year term (30-year amortization).
The property is approximately 92% occupied and is anchored by Morgan Stanley Smith Barney who signed a long-term extension and expansion shortly before the closing of the acquisition.
Upon acquisition of this property, Cushman & Wakefield (C&W), who has helped arrange the purchase and financing for all the properties in the Adventus portfolio, issued a press release. Below is a quote that puts the efforts of Adventus in suburban Chicago into perspective.
"We are thrilled with Adventus' growth in the market," said Randy Waites, Managing Director of C&W's Corporate and Occupier Services for the Midwest Region. "They have done really well in Chicagoland. We look forward to leveraging C&W's national platform to assist them in further expanding their portfolio into other U.S. markets. We are confident they will continue to do extremely well."