CHICAGO—With this disposition, the John Buck Co. has completed its exit from the six-building development along Lake Cook Rd.
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Brian J. Rogal |
brianjrogal |
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Updated on June 23, 2016
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The new owner plans to upgrade the amenity package at Parkway North in Deerfield, IL.CHICAGO—Fulcrum Asset Advisorsrecently completed the acquisition of three buildings within the Deerfield, IL Parkway North Complex fromThe John Buck Co.,and in the near future plans to enhance the 484,328-square-foot portfolio’s amenity package. Although the sale of 3, 6 and 9 Parkway Northclosed on June 10 at undisclosed terms,Crain’sreported the price was $80 million. In many ways, the acquisition and sale price were not surprises.“It’s the best located class A project in Lake County,” right between the Lake Cook Rd. and Deerfield Rd. interchanges at I-94,Colliers InternationalprincipalSteven W. Klingtells GlobeSt.com. Fulcrum has announced that Kling and his colleagueDarryl S. Silvermanwill handle the properties’ leasing. Colliers International will also assume property management responsibilities for all three assets, which on-site managerKaren Ptasnikwill lead.“You’ve got core value with the existing tenant base, and it’s in a market that is showing improvement, including a steady improvement in rental rates,” Kling adds. “There is no spec development on the horizon and we’re seeing a steady demand for class A space in Lake County.”Parkway North includes six buildings constructed between 1988 and 2000 totaling more than one million square feet. Tenants at the development include nationally and internationally recognized corporations such asMondelez International,CF Industries,GCG Financial,Walgreens,Lundbeck, andEssendent.“Our primary goal moving forward will be to showcase Parkway North as the premier corporate headquarters business park in Chicago’s suburbs, and we anticipate many exciting changes at the properties,” saysPeter Broccolo, principal with Chicago-based Fulcrum. “We’re committed to delivering enhanced amenities and a very high level of service consistent with the expectations of the prestigious tenant base within the park.”According to Kling and Silverman, the new owners will enhance the building reception area, café, and winter garden with help fromSteve WrightofWright Heerema Architects. “We feel these improvements will distance Parkway North from the competitive properties, and create a memorable work experience for all of our current and future tenants,” said Kling. “Additionally, the Chicago Marriot Suites hotel and Bright Horizons Day Care provide on-site services that complete the amenity package for Parkway North. Along with Fulcrum, we are committed to improving the assets with the ultimate goal of quickly reaching 100% occupancy.”Tenants currently occupy slightly more than 70% of Fulcrum’s portion of the complex. According to Colliers International’s first quarter 2016 Suburban Office Market Report, the North suburban office market has an overall vacancy rate of 18.8%, the second-lowest of the five suburban markets. But when considering only the highest quality class A assets such as the Parkway North complex, vacancy stands at just 11.8%.
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The new owner plans to upgrade the amenity package at Parkway North in Deerfield, IL.
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