Romanek Properties purchases office building in Northbrook
September 08, 2010 | Mark Thomton | Print Article | Email this Article
Northbrook, Ill.-based Romanek Properties Ltd, a private investment and development firm, has acquired the 195,101-square-foot office building in which they are headquartered, at 400 Skokie Blvd. in Northbrook, Ill.
Romanek Properties Investment Director Peter Holstein made the announcement.
The firm paid a reported $26.2 million for the property.
Romanek Properties purchased the office building on Aug. 19 from 400 Skokie Boulevard Investors, who was represented by Paul Lundstedt, senior vice president and director of Grubb & Ellis.
The acquisition was led by Romanek Properties Ltd in association with Bachmann Associates Ltd and Syndicated Equities Ltd Ladder Capital Finance, New York, provided long-term financing, sourced by Bill Barry of Draper and Kramer and Joel Simmons of Grubb & Ellis.
The eight-story building is located between Dundee and Lake Cook Rd. on the west side of Skokie Blvd. In addition to Romanek Properties, other tenants include M. Holland, Ameriprise Financial and Levenfeld Pearlstein. Building amenities include a deli and fitness center.
An additional 5,500-square-foot free-standing building is planned for the site as the future home of TD Ameritrade Financial Services.
“This is a property we’ve wanted to acquire for more than four years. Quality assets in the north suburban corridor don’t often trade and 400 Skokie is a stand-out property,” said Holstein. “Like the seller, who held the property since it’s development over 20 years ago, we’re looking forward to a long-term hold, especially given the attractiveness of the north shore location and the limited alternatives to invest in an asset of this size within the area.“
Tags | Chicago, Grubb & Ellis, Levenfeld Pearlstein, Office, sale
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