Northbrook office sold for $20.9 million

An eight-story multi-tenant office building on Skokie Boulevard in Northbrook sold for $20.9 million, according to a Des Plaines brokerage firm.

Podolsky Circle CORFAC International represented the seller, Syndicated Equities, in the transaction of the property at 400 Skokie Blvd.

The property sold to Ameritus Real Estate Investment. The property is 77 percent leased. Tenants include M Holland Co., Levenfeld Pearlstein and Dermatology Partners of the North Shore.

Built in 1984 and renovated in 2012, the 195,326-square-foot, multi-tenant office building features a WI-FI cafe, fitness center, conference center, on-site storage as well as two balconies on the second floor.The Podolsky Circle middle market investment advisory team comprised of Managing Principal Alissa Adler, Principal John Homsher and Senior Vice President Paul Tesdal, represented the seller.

"We are pleased to have represented Syndicated Equities in the sale of 400 Skokie Boulevard," Adler said. "The property provided an incredible investment opportunity to own a dynamic, value-add office building that has historically outperformed the market. 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 Boulevard prior to the sale and has now been retained by the new owner, Ameritus Real Estate Investment, to continue the property management assignment.

Podolsky Circle provides brokerage, property management, construction and investment advisory services to owners and users within the office, industrial and retail real estate sectors.