In April 2012, Adventus closed on its first property acquisition, with the purchase of the JP Morgan Chase Center/Elgin Campus located in suburban Chicago. Adventus owned an initial 61.5% interest in the limited partnership formed to acquire the property.
In June, 2015 Adventus acquired the remaining 38.5% interest in the limited partnership, to bring its property ownership interest to 100%. This facility comprises 514,313 square feet over four buildings, and has been solely managed by Adventus since acquistion.
The JP Morgan Chase Center was purchased for $27.2 million, including transaction costs; it was recently refinanced by JP Morgan Chase Bank, on a 7-year basis for $22.0M, at a fixed interest rate of 4.408% (previously at 6.08% rate).
This property is 86% occupied; JP Morgan Chase occupies 84.7% of the property on a long term lease until August, 2027.
