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Fulcrum, AG&C Buy Caremark Towers for $67M

NORTHBROOK, IL-Fulcrum Asset Advisors and Angelo, Gordo & Co. are buying the Caremark Towers, using a $50.2-million loan from Allstate.

By Gina Kenny | Updated on May 18, 2007

NORTHBROOK, IL-A joint venture between Chicago-based Fulcrum Asset Advisors and New York-based Angelo, Gordo & Co. has purchased the Caremark Towers, 2211 and 2215 Sanders Rd. The buildings were purchased from ING Clarion Partners for $67 million, says Dave Henderson, senior portfolio manager for Allstate Real Estate Investment Group, which provided $50.25 million for the acquisition of the buildings. A cap rate was not disclosed.

The purchase was for the two buildings, which have a total of 361,400 sf, in addition to an 11-acre parcel of land that can be developed into additional office space. Henderson says he is not aware of any immediate plans to develop the land. ING had spent approximately $3 million on renovations to the property, with the majority of the funds spent on the 166,300-sf building, adding amenities such as a conference center, fitness center and café, as well as to adding parking.

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