CHICAGO—As reported in GlobeSt.com, the suburban market office saw absorption and rental rates tick upward in 2017, especially among class A properties, and investors seem more eager to buy up available buildings, including value-add opportunities.
Ameritus Real Estate Investment was just the latest firm to secure a deal. The Chicago-based group paid Syndicated Equities $20,950,000 to acquire 400 Skokie Blvd. in Northbrook, IL. A middle market investment advisory team from Podolsky Circle CORFAC International, comprised of Alissa Adler, managing principal, John Homsher, principal, and Paul Tesdal, senior vice president, represented the seller.
Like many 1980s-era suburban developments, 400 Skokie Blvd. was recently given a makeover, and has the kind of amenities that tenants say they need to attract and retain employees. Currently 77% leased, the eight-story, 195,326 square foot building now features a Wi-Fi café, fitness center, conference center, on-site storage as well as two balconies on the second floor.
“The property provided an incredible investment opportunity to own a dynamic, value-add office building that has historically out-performed the market,” Adler says. “The property's stable tenant roster, high visibility and easy access to I-94, as well as its proximity to executive housing along the North Shore made it a highly sought after asset.”
Podolsky Circle managed 400 Skokie Blvd. prior to the sale and Ameritus has retained the company to continue that assignment.
Other developments along the North Shore have also found buyers. One Parkway Partners, an affiliate of Horn Eichenwald Investments Corp., a Miami-based company, recently bought One Parkway North, a 273,934-square-foot, class A office building in suburban Deerfield, IL. Holliday Fenoglio Fowler, LP marketed the property on behalf of the seller.
Located within the TOBY-award winning Parkway North Center, One Parkway North is 92.7% leased and serves as the global headquarters for Essendant. Renovated in 2016, the five-story building includes a fitness center, cafeteria and heated executive parking.
The HFF investment advisory team representing the seller was led by directors Bryan Rosenberg and Patrick Shields and senior managing directors Jaime Fink, Jeff Bramson and Mark Katz.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
