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.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
