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Equus Completes Mid-America Buy

CHICAGO—The company has made several bets on class A suburban office market.

By Brian J. Rogal | brianjrogal | | Updated on August 01, 2016

 

chi-midamerica (2) The acquisition was for about $80 million, almost 19% lower than its 2007 sale price.
CHICAGO— An affiliate of Equus Capital Partners, Ltd. has just completed the acquisition of Mid America Plaza, a class A office complex in suburban Oakbrook Terrace with two, ten-story twin buildings. The acquisition was for about $80 million, almost 19% lower than its 2007 sale price, and made on behalf of Equus Investment Partnership X, LP , a discretionary fund managed by Equus. Although the suburban class A market hasn’t returned to its pre-recession peak, it has shown some strength in the past couple of years. And Equus has been willing to place some bets on its future. In 2015, it acquired Naperville’s iconic MetroWest building, located at 55 Shuman Blvd. The company also owns Tallgrass Corporate Center, a 50-acre, class A development in suburban Bolingbrook that lost its anchor tenant in 2004, but was later filled up. Equus has kept its occupancy level up ever since. The 414,442 square-foot Mid America Plaza was built in 1985 and is located just across the street from the Oakbrook Center Mall, which is currently undergoing a $150 million expansion to add more entertainment-orientated retail including theatres and additional restaurants. “We are excited about Mid America Plaza. It is a great office complex located in the most ideal location in the Oak Brook market,” says Matthew Latimer , vice president of Equus who, along with Joseph Neverauskas , senior vice president, oversaw the acquisition for the firm. Mark Katz and Bryan Rosenberg of Holliday Fenoglio Fowler, LP represented the seller in the transaction. The property was 87% leased at the time of acquisition. “Equus has plans for significant capital improvements to the complex’s common areas that will ensure that the property remains the top office location in the market. The strength of this submarket combined with our strong local presence and value-add strategy should result in superior performance,” adds Neverauskas.

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