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JLL completes $67.3 million sale of Tallgrass Corporate Center
CHICAGO, Oct. 11, 2016 – Investors are looking toward Chicago’s suburban office product as cap rates continue to compress. On behalf of Equus Capital Partners, LTD., JLL Capital Markets today announced the firm completed the sale of Tallgrass Corporate Center in the Chicago suburb of Bolingbrook, Illinois. Middleton Partners purchased the 533,363-square-foot Class A office asset for $67.3 million.
Managing Director James Postweiler and Executive Vice President Peter Harwood led JLL on the sale and teamed with the building’s leasing agent, Francis Prock, Principal at Colliers.
“Our client successfully repositioned this asset over the last several years into a fully leased, multi-tenanted building that is headquarters to several high-performing businesses,” said Postweiler.
Added Joseph Neverauskas, Senior Vice President of Acquisitions at Equus: “Through our value-add strategy, we were able to uniquely position a formerly vacant corporate facility in a submarket where Class A offices are hard to come by. The property has become a city in itself.”
Located one mile north of Interstate 55, Tallgrass Corporate Center offers tenants access to several major thoroughfares that connect to the surrounding suburbs and Chicago. The building sits on 50 acres of land and features state-of-the-art amenities that allow it to be completely self-contained. Amenities include a redeveloped fitness center with locker rooms and showers, high-tech conference rooms, a cafeteria and a 225-seat auditorium.
“This was an especially attractive investment considering the high barrier for competition to enter the market as Tallgrass Corporate Center is one of the few Class A office assets in the area,” said Christopher Locatell, Senior Vice President of Dispositions for Equus.
“This asset has a proven track record of providing steady cash yields as it has leased up,” said Peter Holstein of Middleton Partners. “We anticipate that trend to continue as this asset enjoys a roster of high-quality, diverse tenants.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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About Equus Capital Partners, Ltd.
Equus Capital Partners, Ltd .is one of the nation’s leading private equity real estate fund managers. Equus’ portfolio consists of over 24 million square feet of office, retail, student housing, and industrial properties and more than 16,000 apartment units in over 65 communities located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Los Angeles, Chicago, Washington DC, Boston, Atlanta and Raleigh-Durham. For additional information, please visit the company’s website at http://www.equuspartners.com/.
About Middleton Partners
Middleton Partners seeks to create value as property owners through renovation, repositioning, capital restructuring or increasing occupancy. Middleton Partners also enjoys a reputation for exceptional tenant representation services. The company’s principals share more than 60 collective years of experience in hands-on involvement with commercial properties, adding value to a portfolio that consists of more than 40 assets throughout the Midwest.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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