Office Midwest

Northbrook office facility managed by CBRE receives $19.6 million refinance

400NSkokieBlvd

CBRE's leased and managed 195,000-square-foot class A office facility at 400 Skokie Blvd. in Northbrook, Ill., recently received a $19.63 million refinance.

A 195,000-square-foot class A office facility at 400 Skokie Blvd. in Northbrook, Ill., leased and managed by CBRE, recently received a $19.63 million refinance. Approximately $2.53 million will be dedicated to amenity improvements and a capital building program.

CBRE’s Dan Graham and Peter Clifton lead leasing efforts for the ownership group, which consists of a partnership between Romanek Properties, Bachmann Associates and Syndicated Equities.

According to Graham, upgrades will include a modernized, state-of-the-art conference center, an expanded and revamped fitness center, and improvements to all common areas.

The property's location provides easy access to I-94 and is convenient to popular nearby shopping and dining options. A new Mariano’s-anchored retail development was recently completed on the same stretch and many of the northern suburbs’ leading businesses are within close proximity.

According to CBRE research, since the beginning of 2012, the suburban market has posted 3,817,227 square feet (or 66.7 percent of total activity) of positive net absorption versus the CBD market total of 1,904,948 square feet in that same period. Jobs have been a positive trend as well, as the suburban market has accounted for 74 percent of the region’s job growth since 2011, adding 72,111 office jobs.

Bill Barry and Bill Stewart of Draper and Kramer arranged financing for ownership. The lender was Prime Finance.