The Davis Companies, in a joint venture with Arthur Goldner & Associates, is pleased to announce the acquisition of The Crossings, located at 1420 and 1520 Kensington Road in Oak Brook, Illinois. The 17-acre property features twin, Class A, three-story office buildings consisting of 303,510 square feet. In addition to the highly appointed grounds and institutional quality interior finishes, the buildings are designed with three-story atrium lobbies, interior landscaping, fountains, an on-site day care facility, full service sundry shop and on-site café and fitness center. Situated just south of Interstate 88 and Jorie Boulevard, near the McDonald’s campus and the Oakbrook Center Mall. The Crossings is presently 66 percent leased.
The new ownership, DIV Oak Brook LLC, is a joint venture between The Davis Companies, a Boston-based private real estate investment firm, and Arthur Goldner & Associates, a fully integrated real estate operating company with headquarters in Northbrook, Ill. Having initially acquired the discounted first mortgage loan on the property from CW Capital in January 2010, the new ownership has recapitalized the asset since taking title in May, making available ample funds for tenant improvements, leasing commissions and significant base building improvements.
Additionally, the ownership has established an on-site property management office, which will continue to be headed up by Debi Turner, a 14-year management professional who has been managing The Crossings for the last four years. “With deep tenant relationships and seasoned property management skills, Debi is a key member of our team as we reposition The Crossings to become the recognized choice for quality, value and service,” said Arthur Goldner, president of Arthur Goldner & Associates, which is now providing the management services for the property.
As part of its efforts to reposition The Crossings, DIV Oak Brook has selected NAI Hiffman to provide landlord leasing services. “With over 105,000 square feet available, our near term goal is to assist in efforts to polish up the asset, convert the available suites into ‘market ready’ spaces and to effectively communicate our message to the tenant community that we are the best value alternative in Oak Brook. We have an above average window line and a flexible floor plate, making us a strong candidate for tenants ranging in size from 1,500 to 50,000 square feet. We also have highway visible exterior signage on Route 83, with its 65,000 cars per day traffic count, to offer larger tenants. The new owners are well capitalized, nimble, creative and ready to make an impact. We have all the tools we need to be successful.” said Daniel O’Neill, executive vice president of NAI Hiffman. The NAI Hiffman team also includes Jim Adler, Pat Kiefer and Garrett Schultz.