SOURCE: Quarter Circle Capital

September 07, 2007 07:45 ET

Quarter Circle Capital Acquires Office Complex in Naperville, Illinois

OMAHA, NE--(Marketwire - September 7, 2007) - Quarter Circle Capital, LLC (QC Capital) today announced the acquisition of a two-building office complex in Naperville, IL on behalf of their managed fund, QCC Fund I.

QC Capital acquired the defaulted first mortgage note on this asset in June, and subsequently obtained the fee interest by negotiating a deed in lieu of foreclosure with the borrower. "As debt-for-control buyers, we target transactions like this, where the underlying asset value exceeds the purchase price of the associated distressed or defaulted debt we acquire," said James R. Puckett, QC Capital's Chief Executive Officer.

The complex, known as Park Place Office Complex, is located at 1755 and 1717 Park Place, totals approximately 145,000 square feet and is currently 54% occupied. QC Capital acquired the asset for approximately $12 million in a direct, off-market and all-cash transaction from the lender and has earmarked an additional $4 million for capital improvements and leasing costs. NAI Hiffman Asset Management of Oakbrook, IL has been retained for management and leasing this asset, and Dan O'Neill of NAI Hiffman will lead the leasing efforts.

"This acquisition fits squarely within the investment criteria for Fund I, as it represents an off-market, value-add investment opportunity that has a clear turn-around and exit strategy," said Starr P. Schulke, Chief Investment Officer. "This is a sound and well located asset that lacked owner attention and capital, which we will restore."

About Quarter Circle Capital:

Quarter Circle Capital, LLC is a private investment management firm that makes principal investments in fundamentally sound real estate or debt secured by real estate, the value potential of which it perceives impaired by, among other things, stress caused by obligations of onerous capital structures, shifts in market conditions, property positioning and / or management. With offices in Omaha, Nebraska and San Francisco, California, QC Capital focuses on principal acquisitions of assets generally ranging from $5 million to $25 million in value. QC Capital's senior management includes Starr P. Schulke, Chief Investment Officer, John P. Martin, Managing Director of Business Development and James R. Puckett, Chief Executive Officer.

For more information about Quarter Circle Capital visit the company's Web site at: www.qccapital.com

Contact Information

  • Contact:

    Margaret Skillcorn
    Diboll & Associates
    Marketing and Public Relations
    530-550-7578