Transaction Represents First Office Acquisition for the Fund III Portfolio
CINCINNATI, OH – April 20, 2016– Viking Partners Fund III, LLC (“Fund III”), a private equity real estate investment firm focused on the acquisition, turnaround and disposition of value-add real estate and real estate related assets in the Midwest and Southeast United States, announced the acquisition of Midwest Office Center, a one-story office building located in Oakbrook Terrace, Illinois, a suburb of Chicago. The transaction, valued at $4.3 million, represents the first office building acquisition for the Fund III portfolio.
Midwest Office Center is a 77,039 square foot office building located at the intersection of Butterfield Road and W 22nd Street, two major thoroughfares running through Oakbrook Terrace. The property is well-positioned with close proximity to many national restaurant chains, big box retailers and most notably, Oakbrook Mall, the highest performing mall in the metro area. Midwest Office Center benefits from a population of over 260,000 people within five miles of the property and average household incomes in excess of $110,000.
“At the time of acquisition, Midwest Office Center was 60 percent occupied, which presents our team with the opportunity to create a tremendous amount of value through leasing the available space”, said Bret Caller, Principal of Viking Partners. “We believe the property’s strategic position in the marketplace, proximity to high profile retail tenants and the areas above average demographics, will make it attractive to many potential retailers and office tenants”, he continued.[ssba]