Stanton Road Capital bought a Northbrook office building for $18.7 million.
The Los Angeles-based private equity firm bought the six-story, 214,000-square-foot Arbor Lake Centre from James Campbell Company, a Hawaii-based firm. It is located at 1751 West Lake Cook Road.
Stanton Road secured $19.9 million in financing for the deal from NXT Capital.
Among the building’s tenants are accounting firm Miller Cooper & Co., Interstate Gas Supply, Guardian Life Insurance and Chicago Retail Marketing.
A Stanton Road spokesperson did not immediately respond to a request for comment.
The suburban office vacancy rate inched higher in the third quarter to 23.7 percent, after three previous quarters where it held steady or dropped. Exacerbating the problem for suburban landlords is the fact that more companies are moving Downtown in hopes of attracting workers to a market that has been strong for building owners.