OAK BROOK, IL—The Davis Companies, on behalf of an affiliate, and Arthur Goldner & Associates have completed the sale of The Crossings of Oak Brook for $35.65 million or about $117-per-square-foot. The buyer was Vancouver-based Adventus Realty Trust. HFF represented the seller and NAI Hiffman acted as the leasing agent.

Davis and AG&A acquired the property in a joint venture in January 2010 after purchasing a discounted first mortgage loan from CW Capital and negotiating a subsequent deed-in-lieu of foreclosure. The partners then started a capital improvement program and a leasing campaign. The property was 66% leased at acquisition and was about 95% leased at the time of sale.

“We acquired The Crossings in early 2010 through a distressed transaction,” says Jonathan Davis, the CEO of The Davis Companies. “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.”

The Crossings has two three-story buildings at 1420 and 1520 Kensington Rd. with a total of 303,510-square-feet. Both were renovated in 2010. The property has a Bright Horizons daycare facility, a recently completed 50-person conference center, a café, a fitness center and an executive café. Tenants include Readerlink, A.M. Castle & Co., Molina Healthcare, SWC Technology, PlaneTech and Cbeyond Communications. The property sits on more than 16 acres close to Interstates 88 and 294, IL Route 83, Oakbrook Center and Yorktown Center.