The site also houses the control center for the Midwest Independent Transmission System Operator. As MAPP's parent organization, the not-for-profit entity monitors electric transmission systems across fifteen Midwestern states and parts of Canada.
Recently renovated at a cost of about $9 million, MAPP holds a long-term net lease terminating in 2013. The lease has a five-year renewal option. GVA Worldwide officials say MAPP carries an A-/positive credit rating, and that net rents are scheduled to rise substantially in 2007. The property has a $10-million fixed-rate note that matures in 2012.
The one-story office building is being marketed nationally by GVA Worldwide member firms in New York and Minneapolis. James Murphy, executive managing director of GVA Williams in New York, and Louis Frillman, president of GVA Marquette Advisors in Minneapolis, lead the sales initiative.
"With the recent completion of an extensive rehabilitation project, this property is essentially a brand-new building that MAPP intends to occupy for the long term," Murphy says. He co-chairs GVA Worldwide's Investments Group.
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