A Barrington real estate investment firm, Fulcrum Asset Advisors LLC, is in line to buy two suburban office complexes for about $100 million in separate deals that reflect distinct investment strategies.
In the larger of the two deals, Fulcrum is advising former soft-drink bottling executive Marvin Herb, who has signed a letter of intent to buy O’Hare Plaza I, a premier, 474,000-square-foot office building at 8725-8745 W. Higgins Rd., sources said.
The top price, about $152 a square foot, or about $72 million, reflects the building’s long-term leases with creditworthy tenants.
O’Hare Plaza is owned by Westbrook Real Estate Partners LLC, which is advised by Cushman & Wakefield Inc.
Meanwhile, in an opportunistic play, Fulcrum, with financing from Lehman Brothers, has also signed a letter of intent to buy Northwest Plaza, a 317,500-square-foot complex also near O’Hare International Airport, sources said.
But the price, about $85 a square foot, or nearly $27 million, reflects that complex’s high vacancy rate, which real estate research firm CoStar Group says is 55 percent.
Yet Northwest Plaza would benefit if demand for suburban office space rebounded, particularly because the deal includes an adjacent development site.
Northwest Plaza is owned by a joint venture of ING Realty Partners and Fifield Cos. Transwestern Commercial Services represents it.
Herb, the former chairman and chief executive of Coca-Cola Bottling of Chicago, and Fulcrum executives could not be reached for comment.
Price appreciation: Within two weeks, Chicago multifamily investment firm Waterton Associates LLC bought and sold the Woodfield Gardens Apartments, a 692-unit complex in Rolling Meadows.
After buying from Des Plaines-based Citadel Realty Inc. for about $36 million, Waterton sold to local real estate investor Michael R. Sparks for about $41 million, sources said.
David Schwartz, a Waterton executive, confirmed the transactions but declined to comment on the prices. Chicago-based MJ Partners Real Estate represented Sparks; Deerfield-based Andre Investment Co. represented Waterton.
Baby steps: In a savvy move, the Infant Welfare Society of Chicago has sold its Lincoln Park home for a top-dollar price of $13.5 million and will move next year to the former Logan Square YMCA, 3600 W. Fullerton Ave.
The new facility will cost about $9 million, including renovation, medical equipment and a $2 million price, said Cheryl Byers, executive director of the social service agency, which is in the midst of a capital campaign.
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Mark Hunt of M Development LLC plans to demolish the current home, 1931 N. Halsted St., to make way for a residential development on the 46,300-square-foot site. Chicago-based Jameson Realty Group advised Infant Welfare.
Building in Bolingbrook: Seefried Properties Inc. is starting work on a speculative, 350,000-square-foot distribution center in Bolingbrook, said Craig Phillips, regional director for the Atlanta-based developer.
The building is the first phase of a 675,000-square-foot development on the 35-acre site, which Seefried purchased in January. Sources said Seefried’s joint venture partner is the Haindl family, German billionaires who are former paper manufacturers.
Rookery leases: ING Clarion Realty Services, which manages the Rookery, 209 S. LaSalle St., has signed three leases totaling 67,300 square feet.
The National Labor Relations Board next year will take 25,000 square feet of space, moving from 200 W. Adams St. Law firm Tabet, DiVito & Rothstein LLC is taking 17,600 square feet, moving from 180 N. LaSalle St. Earlier, Interactive Brokers LLC signed for 24,700 square feet, moving from 440 S. LaSalle St.