CLEVELAND—Buying, renting and developing properties in the nation's urban cores has become all the rage in the commercial real estate world, but some suburbs still provide exactly what many users need. Officials from Time Equities Inc. tell GlobeSt.com that is why they just purchased the “Rockside Office Portfolio,” a collection of six commercial buildings spread across three suburban office parks, totaling 422,037 square feet, for $20 million. Located in Independence, OH, a Cleveland submarket situated less than 15 miles from the city's center, the portfolio acquisition marks New York-based TEI's third purchase in the state, as the firm continues to expand its presence in the Midwest region.

“Rockside is fifteen minutes from downtown Cleveland and fifteen minutes from the airport,” says Jonathan Dulberg, senior associate in the acquisitions group of TEI, “and that is a happy medium that appeals to a vast array of clients.”

Jim Postweiler, managing director of office investment and sales with JLL's capital markets group, brokered the deal on behalf of the seller, Duke Realty. In-house counsel represented TEI while Angela Hsu, vice president of Duke, represented the seller. JLL will manage the property and CBRE will handle leasing.