A River North loft office building owned by an affiliate of Paul H. Schwendener Inc. is set to be sold for at least $6.1 million next month at auction, as part of the general contractor’s ongoing Chapter 11 proceedings.
Khaldoun Fakhoury, a Northbrook real estate investor, has agreed to pay $6.1 million for the four-story structure at 400 N. State St. Mr. Fakhoury’s holdings include 9-25 W. Hubbard St., which is home to Moda nightclub and the well-known Kevin Restaurant.
At the March 4 auction, bids must be at least $100,000 above the $6.1-million price that Mr. Fakhoury has agreed to pay for the 32,327-square-foot building, according to an order approving the auction issued by a U.S. Bankruptcy Court judge in Chicago.
The auction will be held in the office of Chicago-based law firm Shaw Gussis Fishman Glantz Wolfson & Towbin LLC, which represents Schwendener and several related companies that filed for protection from creditors in July.

Posted: 03|9|08 at 10:03 am. Filed under: Auction News.