Equus Capital Partners, Ltd., a private equity fund manager, announced the sale of two class-B office spaces for $15.5 million. Located at 242 and 248 Chapman Road in Newark, the office portfolio, which totals 142,695 square feet, was sold to an affiliate of Rockford Properties. The properties were a combined 100 percent occupied at the time of sale, according to officials with Equus.
Newmark Grubb Knight Frank's Mike Margolis, Dave Dolan, and Brett Segal, along with area experts, Neal Dangello and Wills Elliman, represented the seller in the transaction.
The space at 242 Chapman Road is a three-story, 65,967 square-foot office building built in 1989. The space at 248 Chapman Road is a two-story, 76,728 square-foot office building built in 1987.
Both properties were originally acquired in 2007 on behalf of BPG Investment Partnership VII & VIIA, L.P., a discretionary fund managed by Equus. Since then, they have undergone approximately $1.5 million in extensive renovations, including new ceilings and lighting, updated lobbies and restrooms, a new roof, and HVAC system upgrades, according to Equus officials. New elevators are currently being installed in 242 Chapman Road.
"We demonstrated our re-positioning expertise with our ability to take this 77 percent occupied project at acquisition with near term lease expirations and retain and expand the tenants to bring it to 100 percent occupancy, as of closing," said Chris Locatell, senior vice president at Equus who oversaw the disposition for Equus.
Equus Capital Partners, Ltd. is headquartered near Philadelphia.