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Farbman Picks Up North Shore MOB

CHICAGO—The MI-based company has a growing north suburban portfolio, and looks on this buy as a great long-term investment.

By Brian J. Rogal | brianjrogal | | Updated on March 30, 2016

 

chi-NC-60 1535 Lake Cook Rd. in suburban Northbrook, IL.
CHICAGO— FCPP Acquisition, LLC has just purchased Northbrook Court Medical Professional Plaza from CMLT 2008-LS1 Cook Road, LLC , according to Andrew V. Farbman , chief executive officer of Southfield, MI-based Farbman Group . Although Farbman has been known to buy buildings that were in need of some work, this property, located at 1535 Lake Cook Rd. in suburban Northbrook, does not fall into that category. “We believe that NCPP is a wonderful long-term investment of good strong real estate, that in its current form, has strong value,” Farbman tells GlobeSt.com. “Farbman Acquisition does like to look at real estate where we can utilize our expertise to add value to an asset and does enjoy the challenge of value add properties. We are not pure cap rate buyers but are well capitalized purchasers with the ability to acquire assets with upside potential in a very timely manner and are known closers.” Located near I-94 and adjacent to Northbrook Court Mall, the nearly 75,000 square foot, single-story, six-building complex serves medical and general office professionals. The tenants, which include Northbrook Court Dental Associates , Northwestern Ob/Gyn Consultants and SennoGroup Wellness & Rehabilitation , occupy 85% of the class B property “This transaction underscores the strength of both the medical and office markets in and around the central north Chicago submarket—one of Chicago’s most desirable submarkets ,” adds Farbman.  “ There is momentum in the North Shore. We envision Northbrook Court Professional Plaza becoming part of our growing northern suburban portfolio.” Constructed in 1979 and recently renovated, the office center features a host of amenities such as high visibility, 24-hour accessibility with private entrances, landscaped grounds – including a 22-acre pond, interior courtyards and more. Farbman Group, which has a substantial local presence and a regional headquarters in Chicago, will manage the property.

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