Chicago – CBRE announced Ted Buenger, Mike Caprile and Jeff Mann assisted McShane Development Company and Globe Corporation in the sale of MidPoint One, a 51,579 SF office property at 7125 Janes Avenue in Woodridge, Illinois.
MidPoint One is part of MidPoint Corporate Center which is a 17-acre, master-planned, multi-building office development for four single-story office properties.
MidPoint One is fully leased with an average remaining lease term of 5 years. This particular sale demonstrates a growing appetite of suburban office investors for stabilized properties. To date, most suburban office investment sales have been value-add properties.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.