ST. CHARLES, IL-Adams LaSalle Realty has purchased the 80,000-square-foot St. Charles Executive Center office complex here. The move by the Chicago-based firm was an all-cash deal with the lender after the property was foreclosed, with ALR paying less than half of the $8 million due on the debt.

Jon Harrison, a principal with ALR, says the two three-story office buildings were built in 2001 for about $12 million. “Tenants had moved out on the developer, and there just wasn’t enough net operating income to service the debt. The developer signed it over and the lender marketed the property with CB Richard Ellis.”

He tells GlobeSt.com that his firm paid about $50 per square foot, and he believes the current tenancy can cover any further debt. Tenants include law firms and medical offices. The buyer is embarking on a capital improvement program, Harrison says, and should attract new tenants once the stigma from the foreclosure wears off and brokers again approach the property. “We’ve already extended one law firm lease, and have a new user touring 6,000 square feet,” he says. Space had been advertised for lease in the mid-teens at the properties.