The Overland Pointe Marketplace, an 80,047-square-foot retail shopping center located in Overland Park, a suburb of Kansas City, was recently acquired by Viking Partners Fund III, LLC, a private equity real estate investment firm, for $8.5 million.
"We believe the acquisition of Overland Pointe Marketplace represents a unique opportunity to expand our portfolio and enter the growing Kansas City marketplace," said Bret Caller, Principal of Viking Partners.
According to the press release of Viking Partners in Business Wire, the purchase of the shopping center anchored by Babies R Us and Golf Galaxy marks the first acquisition of Viking Partners Fund III, LLC in Kansas. The shopping center was 94 percent leased during the transaction with key tenants such as Sam's Club, Home Depot, Aldi, Cici's Pizza, Kc India Mart & Chilly N' Spice, Modern Nail, Mystique Salon, One Bite Japanese Grill, Overland Park South, Prestige Cleaners, Spanky's Cut for Men, Speak Eyecare Designer Optical, and Tic Chiropractic. Overland Pointe Marketplace is ideally located in one of the fastest growing and affluent communities in Kansas City with over 190,000 people within five miles of the shopping center and with a projected population growth of over five percent.
Viking Partners is a private equity real estate firm that owns and operates a portfolio of real estate assets, including office and mixed use with an emphasis on retail. The properties of the company are located throughout the Midwest and Southeast United States. Viking Partners specializes in acquiring well-located commercial properties with strong value added potential. Through their leasing expertise and property management platform, they are able to increase asset value to create attractive returns for their investors.
Since 1991, the principals of Viking have invested in more than 100 commercial real estate projects totaling over four million square feet and valued at more than $500 million.
