Equus Buys Mid America Plaza

Philadelphia-based Equus Capital Partners, formerly known as BPG Properties, Ltd, has agreed to purchase Mid America Plaza in Oakbrook Terrace, Illinois, a Class A office complex with two adjoining ten-story towers. Equus is believed to be paying $190 per square foot for the property, which puts the purchase price at around $80 million, making it the largest Chicago suburban office deal of 2016 to date. The complex is being sold by Illinois Teachers' Retirement System through a fund managed by Dallas-based Lincoln Property, which originally acquired the buildings in 2007 for $99.4 million. Full terms and representation were not disclosed, but CBRE had been marketing the property, and HFF noted that it was representing the Lincoln Property venture in the sale.

Built in 1985 and by Shaw & Associates, Mid America Plaza is positioned along the western edge of the Oakbrook Center mall, which Jim Postweiler, a JLL managing director who is not involved in the Mid America Plaza deal, said is a "huge amenity" for office workers. "It's a focal point of activity. It's like a mini central business district." The two buildings at 1 Mid America Plaza and 2 Mid America Plaza cover 414,442 rentable square feet, and each feature open terraces on odd floors with a six story atrium, underground parking, and 24-hour security. The property is currently 87% occupied, according to marketing materials on the property from HFF's Chicago office.

For more news and information visit Blumberg Partners.

Keystone Crossings Office-Retail Complex Sold for $15M

PWA Real Estate LLC has entered into an agreement to purchase 8480-8520 Keystone Crossings, a three building office and retail property totaling 117,276 square feet in Indianapolis, Indiana for $15,500,000 according to IBJ.com. PWA acquired the properties from BPG Properties, Ltd. which originally purchased one of the buildings in the complex in 2005 as part of a six building portfolio transaction, with two buildings later developed as part of build-to-suit lease transactions for Fidelity Brokerage Services and Jared the Galleria of Jewelry. BPG was represented in the negotiations by Rebecca Wells, a senior vice president of Cassidy Turley's Indianapolis office.

"We were pleased to announce the sale of 8480-8530 Keystone Crossing," commented Christopher J. Locatell, vice president of BPG who is in charge of the firm's disposition activity. "Despite the challenging market conditions, the asset's strong occupancy, credit tenancy and diverse tenant mix attracted numerous bidders." The complex is currently 88% occupied by tenants including the General Casualty Company, GSA/SBA, 20/20 Institute and M/I Homes with no lease expirations during the next three years.

For more news and information visit Blumberg Capital Partners.