Viking Partners Fund III LLC, a private equity real estate investment firm, said Wednesday it has acquired the first office building in the firm's portfolio, Midwest Office Center in Oakbrook Terrace, a suburb west of Chicago, in a $4.3 million transaction.
Midwest Office Center. a one-story building, is close to many national restaurant chains, big-box retailers and Oakbrook Mall. More than 260,000 people within five miles of the site, and the area's average household incomes is above $100,000.
“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,” Viking Partners Principal Bret Caller said. “We believe the property’s strategic position in the marketplace, proximity to high profile retail tenants and the area's above average demographics, will make it attractive to many potential retailers and office tenants,” he said.