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PROPOSED MISCELLANEOUS ITEM OF BUSINESS
Department: Department of Real Estate Management
Summary: Requesting approval of a Purchase and Sale Agreement between Cook County and LW-Arlington, LLC that will allow the County to purchase 72,962 rentable square foot, single-story property located at 3250 N. Arlington Heights Road, Arlington Heights, Illinois.
In February of 2025, the Bureau of Finance (BOF) introduced the “Revenue Resiliency Initiative” (RRI), which was created to identify impactful opportunities that focus on (1.) Revenue Generation, (2.) Asset Maximization, and (3.) Cost Optimization. As a member of the RRI, the Bureau of Asset Management (BAM) has identified several opportunities at this property, and through its Department of Real Estate Management, has developed and would like to begin implementing its Real Estate Acquisition Strategy.
Primary Impact Factors:
• Using various appraisal methods, provides the opportunity to assess and leverage asset values
• Generates revenue from third-party leasehold interests
• Significantly reduces operating expenses, through real estate property tax exemption
• Significantly reduces the County’s leasehold expenditure in third-party owned real estate assets by providing opportunities to redirect funds, to implement cost avoidance measures, or to reinvest in County-owned assets
• Capital investment will enhance the value of County owned assets
• Strategic utilization and management of the County’s real estate portfolio
• Current market conditions provide the opportunity to acquire real estate at historically low values
The details are as follows:
Seller: LW-Arlington, LLC
Purchaser: County of Cook
Location: 3250 N. Arlington Heights Road, Arlington Heights, Illinois
Fiscal Impact: $7,685,000.00 (including closing costs and commissions)
Account String: 11569.1031.11190.560305.00000.00000 (Capital Improvement Program)
Upon Board approval of the proposed Purchase and Exchange Agreement, the approval shall include the following authorizations:
(i) For the Real Estate Director to execute any and all notices; and
(ii) For the President or the Real Estate Director to execute any and all documents and instruments and to take such other action, as may be necessary to effectuate the purchase of the property.
(iii) For the Comptroller to pay the agreed upon purchase price, per the purchase and sale agreement, as well as any fees/closing costs that are outlined in the purchase and sale agreement.
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