The Real Deal Chicago

Zeller Realty JV lands $89M refi on suburban office complex

Zeller Realty JV lands $89M refi on suburban office complex
April 16, 2018 09:30AM

Commerce Plaza in Oak Brook (Credit: Zeller Realty)

A joint venture of Zeller Realty Group and Olympus Ventures has taken out an $89 million refinancing on an Oak Brook office complex.

PGIM Real Estate Finance provided the loan on Commerce Plaza, a 546,000-square-foot office complex on Spring Road, Commercial Observer reported. PGIM, the commercial mortgage finance business, is an am of Prudential.

JLL brokered the financing deal.

Commerce Plaza consists of three seven-story office buildings on 18 acres next to the Oakbrook Center mall. Chicago-based Zeller and Minneapolis-based Olympus bought the property from Blackstone in 2016 for $124 million, according to Real Capital Analytics, using an $84 million mortgage from Bank of China.

The complex was 96.8 percent leased at the time of funding, RE Journals reported.  Among the major tenants are Treehouse Foods, which has its headquarters at 2021 Spring Road in the complex, and Thomson Financial. [CO]John O’Brien