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Tuesday, May 22, 2012 Office
KBS REIT has purchased the 647,196 square foot Woodfield Preserve Office Center in the Chicago suburb of Schaumburg, Ill., from J.P. Morgan. Bill Novelli and Michael Caprile of CB Richard Ellis represented J.P. Morgan in the transaction while KBS was self-represented. The two six-story buildings are located 10 and 20 N. Martingale Rd., on 23.71 acres. They have a combined occupancy rate of 96.5 percent with 28 tenants that include American Family Insurance, Chef Solutions and IBM. The 10 N. Martingale location contains 304,876 square feet and was built in 2000. Constructed in 2001, the 20 N. Martingale property contains 305,586 square feet. Schaumburg is located approximately 28 miles northwest of Chicago. Novelli is a senior vice president with CBRE and joined the company's Oak Brook office in 1982. He's a former principal with a development and construction company and was a Colbert Coldwell Circle Member in 1995 and 1998. Caprile, a vice chairman with CBRE, has been with the company since 1984. Prior to that he specialized in commercial properties as a principal for an independent acquisitions group. He is a member of the Urban Land Institute and was one of the top CBRE professionals in 2006. Address: 10 and 20 N. Martingale Rd., Schaumburg, Ill. Size: 647,196 square feet Built: 2000 and 2001 Filed Under: Office E-mail this article to a friend | Printer friendly format| DIGG this| Post to del.icio.us Comments on this article
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