Adventus Realty Trust, a Vancouver-based real estate investment trust, recently acquired the Oak Brook Office Center in Oak Brook, Ill.
“We are excited to enter the Oak Brook market with this acquisition,” said Rod Johnston, president and chief executive officer at Adventus. “Oak Brook Office Center allowed us to acquire stable, well leased assets at well below replacement cost.”
Oak Brook International Office Center is a 4-asset, Class-A office portfolio totaling 312,212 square feet located within the metropolitan area of Chicago. The complex is anchored by Sanford, Olivet Nazarene and several entities owned by Inland. The complex is currently 90 percent leased.
The acquisition was financed with a 10-year fixed interest, 30-year amortization loan originated by CIBC. The portfolio was leveraged at 73 percent of purchase price.
“Oak Brook Office Center strikes the right balance of value and location, said Brad Newell, chairman at Adventus. “It is a great representation of the type of assets we are looking for.”
Michael Simpson, Dan Svachula, and Randel Waites of Cushman & Wakefield lead the acquisition team with the help of Chuck Hoag and Jeffrey Cohen in Cushman & Wakefield’s Equity, Debt and Structured Finance Group. HFF represented the seller.