In March 2013, Adventus closed on its second commercial real estate acquisition, with the purchase of the Oak Brook Office Center located in suburban Chicago. Oak Brook Office Center is a four building, Class-B office property totalling 312,212 square-feet located in one of the most high demand suburbs of Chicago.
Oak Brook Office Center was purchased for $33.6 million, including transaction costs; it was financed with a mortgage from CIBC, on a non-recourse basis for $24 million, at a fixed interest rate of 4.38% on a 10-year term (30-year amortization).
The property is approximately 86% occupied; the “Sharpie Pens” division of Newell Rubbermaid Inc. (a Fortune 500 Company) occupies 38.5% of the property until December, 2021.
Adventus anticipates that this acquisition will prove to be a very steady, profitable asset due to the quality, location, and the tenants in the complex.