An office complex near one of the largest shopping malls in the Chicago area has gone back on the market for sale in a deal that could test the market for well-leased properties.
Equus Capital Partners has hired JLL brokers to seek a sale of the two-building Mid America Plaza in Oakbrook Terrace, Illinois, according to marketing materials.
The more than 413,000-square-foot property across from the sprawling Oakbrook Center shopping mall previously was listed for sale in April 2022, but it never sold amid rising interest rates and other market challenges.
If the west suburban complex sells this time around, the property would help gauge the value of well-leased office properties after recent years in which most sales have involved buildings with high vacancy and financial distress.
Collectively, the buildings at 1 and 2 Mid America Plaza are 87% leased, with a weighted average lease term of 6.5 years, according to JLL.
It’s unclear how much Newtown Square, Pennsylvania-based Equus is expecting in a sale. The firm did not respond to a request for comment from CoStar News on Friday.
Equus bought the property for $78 million in 2016, and the real estate investor has invested another $17.7 million since then on the lobby and other common areas, mechanical systems and amenities, according to JLL.
The offering is billed as the chance to buy a financially stable property for less than it would cost to build today, with potential upside by leasing up vacant space, some of which is in move-in-ready spec suites.
There has been a combined 117,000 square feet of new leases and renewals since January 2024, according to the brochure. Office tenants including Graycor Services, BCS Financial and Crow as well as Mike Ditka’s Restaurant all have renewed their leases between 2021 and 2025.
For the record
The seller is represented by JLL brokers Patrick Shields, Sam DiFrancesca, Jaime Fink and Bruce Miller.