CBRE Brokers Sale of 750 Brookfield
February 7, 2017
CBRE Group, Inc. announced the sale of 750 Brookfield in Greenville, SC. Patrick Gildea, Tripp Sellers and Charles Gouch exclusively represented the seller, Chicago-based J.L. Woode Ltd., in the transaction. The portfolio sold to CCP Commercial Real Estate for $16.7 million on January 20, 2017.
750 Brookfield, located at 750 Brookfield Parkway, has a 93.5% occupancy rate and totals 106,649 square feet. The asset is one of only three buildings in the Greenville-Spartanburg office market that is 100,000 square feet or larger and offers a parking ratio of six-plus spaces per 1,000 square feet.
750 Brookfield features Ford Motor Credit Company as a strong credit-rated tenant (S&P Global Rating: BBB). The tenant comprises over 68% of the leasable area. The Class-A office building is institutionally managed and maintained in a mature, landscaped park setting that is home to many of Greenville’s other top credit-rated tenants, namely MetLife, GE Gas Turbines, Verizon Wireless, Jacobs Engineering and Ahold USA.
The property is positioned in the Greenville Suburban submarket, which has witnessed a Class-A annual average rental rate growth of 12% for the last three years. As of fourth quarter 2016, Class-A occupancy in the submarket was over 92%.
“We continue to see outside investors with increased interest in both the Suburban and CBD Office submarkets. The Greenville market has become a focus for many regional and national investors,” Patrick Gildea commented.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
