Equus Capital Partners, Ltd., one of the nation’s leading private equity real estate investment managers, announced today that an affiliate has acquired Mid America Plaza, a Class-A office complex with two, 10-story twin buildings totaling 414,442 square-feet located in Oakbrook Terrace, IL, a Chicago MSA. The acquisition was made on behalf of Equus Investment Partnership X, L.P., a discretionary fund managed by Equus.
Mark Katz and Bryan Rosenberg of Holliday Fenoglio Fowler, L.P. represented the seller in the transaction. The property was 87% leased at the time of acquisition.
Mid America Plaza was built in 1985 and features an attractive granite exterior with bronze reflective glass windows, and dramatic six-story atriums. The buildings have setbacks on the third, fifth, and seventh floors with outdoor terraces on each respective level. The setbacks, combined with the atriums, create a variety of floor plate sizes that range from 17,750 to 26,700 square-feet. Both towers are connected via a two-story main entrance and boast a small surface-parking lot adjacent to each respective office tower. The buildings are conveniently situated atop a below-grade, two-level parking garage. On-site amenities include a conference center, deli, and Ditka’s – a 13,000 square-foot white tablecloth restaurant and bar that serves lunch, dinner, and banquet events. Oakbrook’s attractive Terrace View Municipal Park, which features a 16,600 square-foot fitness center, picnic areas, walking trails, a lighted softball field, and a large pond, is located adjacent to the property, providing scenic views to its tenants and their visitors. In addition, Mid America Plaza is located just across the street from the Oakbrook Center Mall, which contains over two million square-feet of retail space and currently generates over $930 per square-feet in annual retail sales. Oakbrook Center Mall is currently undergoing a $150 million expansion to add more entertainment-orientated retail including theatres and additional restaurants.
The property is located approximately 16 miles from the Chicago CBD, 15 miles from O’Hare airport, and 15 miles from Midway airport, at the northwest corner of the intersection of Illinois Route 83 (Kingery Highway) and 22nd Street - two of the busiest streets in the western suburbs of Chicago with a combined average traffic count of approximately 100,000 vehicles per day. This area is a highly-developed commercial hub primarily comprised of retail, office, and hotel uses. It is the premier office location in Chicago’s western suburbs due to the plethora of amenities and the convenient access to the entire metropolitan area. The location is near the intersection of Interstates I-88/I-290 (east-west) and I-294 (north-south) as well as the major arterials of Illinois Route 54 (Butterfield Road), Illinois Route 83 (Kingery Highway), York Road, and 22nd Street.
Chicago is the third-largest metro-area in the nation with a population of over 9.5 million people and is home to over 400 corporate headquarters. “We are excited about Mid America Plaza. It is a great office complex located in the most ideal location in the Oakbrook market,” commented Matthew Latimer, Vice President of Equus who, along with Joseph Neverauskas, Senior Vice President, oversaw the acquisition for the firm. “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,” added Neverauskas.
About Equus Capital Partners, Ltd. Equus Capital Partners, Ltd. (“Equus”), is one of the nation’s leading private equity real estate fund managers. Equus’ portfolio consists of approximately 18 million square-feet of office, retail, and industrial properties and over 11,000 apartment units across 49 multi-family communities located throughout the United States. The firm is headquartered in the Philadelphia area, with a principal office in Yardley, PA, and with offices in Philadelphia, Chicago, Los Angeles, Washington, D.C., Boston, Atlanta, and Raleigh-Durham. For additional information, please visit the company’s website at www.equuspartners.com.
