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SCHAUMBURG, IL-An entrepreneurial venture, known as 1300 Woodfield LLC, has bought the 132,000-square-foot 1300 E. Woodfield Rd. for around $4.6 million. A group comprised of locally-based Crossroads Development Partners, Cataldo Family Enterprises, Hallmark Partners and real estate veteran Ed Ross purchased the office property. The ownership has retained CB Richard Ellis to manage and market the building, which has been renamed Woodfield Corners.

“We have an excellent location with some of the best surrounding amenities in the market,” Jack Reardon, who is leasing the building for CBRE, tells GlobeSt.com. “We bought at the right number, so we’re going to be able to provide a quality product at a competitive rate. We offer a value, and that’s what the market is looking for right now.”

The entity acquired the property out of foreclosure, which allowed for a lower purchase price and more funds to be allocated toward capital improvements. “Given the purchase price, ownership has the ability to retrofit the lobby and elevator cabs, improve the landscaping, create new monument signage and upgrade the building’s food services facility – and still be able to negotiate market-sensitive deals for space in the building,” Reardon says.

The property is currently around 45% occupied, with tenants including Bank of America and Texas Instruments. Asking lease rates are about $19.50 per square foot gross at the building, which offers proximity to O’Hare Airport, Route 53 and local shopping and hotels. Reardon says since he took on the leasing assignment in recent weeks, he’s shown space seven times to tenants interested in a total of 150,000 square feet.

“This is a testament to how today’s tenants value well-capitalized ownership, a well-constructed building, and one of the top locations in the market,” Reardon says. “The building is located at Woodfield and Meacham roads in Schaumburg, which is considered ‘main and main’ in the northwest market.” Occupancy rates are around 80% in the northwest submarket, Reardon says.

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