Cushman & Wakefield has arranged the purchase of 111 Pfingsten Road, a 120,927-square-foot, Class A office property located in Deerfield by Adventus Realty Trust, a Vancouver-based real estate investment trust. C&W’s Chicago-based Corporate Occupier & Investment Services team represented Adventus in completing the purchase.
“This was an off-market deal and we were extremely pleased to bring the opportunity to Adventus,” said Dan Svachula, director of leasing for Cushman and Wakefield.
This is Adventus’ third acquisition in the suburban Chicago market in the past six months. This year they have acquired 2707, 2803, 2805 and 2809 Butterfield Road in Oak Brook (312,262-square-foot, Class B office portfolio, collectively known as “Oak Brook Office Center”); and 1420 and 1520 Kensington Road in Oak Brook (303,510-square-foot, Class A office portfolio, collectively known as “The Crossings of Oak Brook”). Their portfolio also includes 2450 and 2500 Westfield Drive in Elgin (545,848-square-foot, Class A office portfolio), which was acquired in 2012. Cushman & Wakefield is the exclusive real estate advisory firm to Adventus in the metro Chicago area.
“We are thrilled with Adventus’ growth in the market,” said Randy Waites, managing director of C&W’s Corporate Occupier & Investor 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.”
111 Pfingsten is anchored by Morgan Stanley Smith Barney who recently signed a long-term lease to expand in the building, bringing it to 93 percent leased. Built in 1986, the building features a three-story atrium lobby and heated executive parking. The property is immediately south of Lake Cook Road at Pfingsten Road.
Waites, Svachula, and Michael Simpson of C&W lead the acquisition team and Mark Katz of HFF represented the seller. Chuck Hoag, Trisha Connolly and Jeffrey Cohen of C&W Equity, Debt and Structured Finance Group have also advised Adventus and arranged the financing for properties in the portfolio.
JPMorgan Chase has served as the debt lender in three of Adventus’ four Chicago property transactions, including the acquisition of 111 Pfingsten.
