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Venture Buys 1300 E. Woodfield

SCHAUMBURG, IL-A group bought the 132,000-square-foot office building and has retained CB Richard Ellis to manage and market the property.

By Cari Brokamp | Updated on August 30, 2009

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.

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