The Davis Companies, on behalf of an affiliate, and Arthur Goldner & Associates have completed the sale of The Crossings of Oak Brook in suburban Chicago for $35.65 million or approximately $117 per square foot. The property was sold to Adventus Realty Trust based in Vancouver.
HFF represented the seller and introduced the buyer and NAI Hiffman acted as the leasing agent. The Davis Companies and Arthur Goldner & Associates acquired the property in a joint venture in January 2010 after purchasing a discounted first mortgage loan on the property from CW Capital and negotiating a subsequent deed-in-lieu of foreclosure. The joint venture subsequently implemented a capital improvement program and aggressive leasing campaign to reposition and stabilize the property. The property was 66 percent leased at acquisition and was approximately 95 percent leased at the time of sale.
The Crossings of Oak Brook comprises 1420 and 1520 Kensington Road, two three-story properties that were renovated in 2010 and together contains 303,510 square feet. Building amenities include a Bright Horizons daycare facility, a recently completed 50-person conference center, a grab and go café, a fitness center with shower and locker facilities and an executive café. Tenants include Readerlink, A.M. Castle & Co., Molina Healthcare, SWC Technology, PlaneTech and Cbeyond Communications. The property is situated on more than 16 acres close to Interstates 88 and 294, Illinois Route 83, Oakbrook Center and Yorktown Center.
“We acquired The Crossings in early 2010 through a distressed transaction. While this was a high-quality, well-located property, it was underperforming because of capital constraints of the prior owner. We were fortunate to acquire the property at a significantly reduced basis, and as a result we were able to invest new capital to modernize the asset and compete effectively for tenants,” said Jonathan Davis, CEO of The Davis Companies.
