LOS ANGELES—A partnership between Atlas Capital Investors III, Square Mile Capital Management and USAA Real Estate Co. has agreed to purchase EVOQ Properties, a Los Angeles-based owner of commercial real estate properties. The transaction is valued at $357.4 million and includes the assumption of EVOQ Properties' debt.

The transaction has already been approved by EVOQ Properties' board members and MMPI Acquisitions, its majority stockholder, and is expected to officially close in October 2014. Stockholders will earn approximately $12.96 per share, which is also subject to adjustments and the terms of the transaction, which will be given directly to the stockholders.

EVOQ Properties began looking for a buyer in May of this year. At the time, the company's board of directors hired financial advisors Houlihan Lokey and Eastdil Secured to explore strategic alternatives to the company's business, and hired Houlihan Lokey to market the company and seek prospective buyers. The real estate investment firm has a portfolio of 2 million square feet, including the creative office landmark property Alameda Square, and 13 acres of developable land in Downtown Los Angeles. The portfolio attracted the buyers, who are interested in contributing to the ongoing renaissance in the downtown submarket.

EVOQ Properties declined to comment on the transaction. We will update the story with more information from the other parties involved as it becomes available.