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EVOQ Properties Inc.(fka EVOQ) RSS Feed

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Created
04/08/09
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EVOQ Properties, Inc. ("EVOQ Properties" or "EVOQ") is a publicly owned real estate private equity firm headquartered in Downtown Los Angeles. EVOQ's existing portfolio of 35 assets includes approximately 3.5 million square feet in the greater Los Angeles area with a focus on industrial, creative office and multifamily residential assets. Properties include a mix of operating, redevelopment and land assets, with significant value-add opportunities across the portfolio.

The firm has a current market capitalization of approximately $40 - $50 million and is backed by strong institutional sponsorship. EVOQ is well capitalized and positioned to deliver superior risk adjusted returns to investors through the management and redevelopment of core assets within the acquired portfolio, the strategic disposition of select non-core assets, and the execution of joint venture development partnerships to build best-in-class properties.

In March 2009, the company, then know as Meruelo Maddux Properties Inc, and numerous of its subsidiaries have filed for voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in California. The company exited Chapter 11 on July 25, 2011.EVOQ Properties is the successor business to Meruelo Maddux Properties, Inc. ("MMPI"). MMPI was a full service real estate company that developed and owned commercial properties in downtown Los Angeles - the company owned 55 assets at its peak and was reported to be the largest non-government land owner in LA County. MMPI was originally sponsored with a $150 million revolving credit facility from CalPERS that was repaid in full in early 2007 following the company's IPO.

A series of management missteps and a deteriorating commercial real estate market forced MMPI to petition for relief under Chapter 11 of the U.S. Bankruptcy Code approximately two years later on March 26, 2009. In addition to reorganization plans filed by secured creditors and the Debtor, a third, competing plan was filed by independent equity holders unaffiliated with management. This plan, known as the "Charlestown Plan," was confirmed by the Bankruptcy Court in early 2011 and capitalized by EVOQ's current sponsorship group which purchased 55% of the outstanding shares of common stock in MMPI. Sponsorship replaced former management and the company's Board of Directors entirely, and the company emerged from bankruptcy protection on July 25, 2011 with new capital and a new management team already in place.

 

Filing Date Forward Chart (3/27/09):

 


 

Effective Date Forward Chart (7/25/11):

 

 

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